Is your DSCR ratio greater than 1-meaning are you cash flowing (according to the lender's criteria of mortgage, property taxes and insurance (and HOA) if applicable).

So here I am thinking oh great, I am past due on doing this, but at least I'll start to save another $150/mo!

However, since you already filed 2021 and 2022, the adjustment will be happening on your 2023 taxes.

I’m a 25 y/o Dentist in Canada, thinking of specialising in the US (2 year program) and live in the US afterwards.Any fellow Canadians here that can give me a general idea with tax/setting up corp and all for US RE journey?

(lower PITI) Get cheaper property taxes - argue with county with a Property Assessment Appeal that your home is worth less than what they appraised it for, thus lowering your property tax burden (portion of your mortgage payment)4. 

This sounds like a live in flip, which can be a nice way to get some tax free capital (if you live in it for two or more years).

Tax implications?

If you bought it for $450K and believe it is now worth $550K (get a realtor to confirm that), think about capital gains and taxes when you sell.  

This was a lot that was under contract for a purchase price of $500 and all in closing costs, hoa dues, back taxes, affidavit of heirship fees, was about ~$7300 to close and I used my business credit to purchase.Reason I purchased it was because all other "buyers" wanted to purchase at a super low price point where I wouldn't make any money.

Concurrently, I intend to construct our dream home on an adjacent 20-acre parcel that I already own outright.I've double-checked the property taxes, and they're not just accurate but slightly on the higher side.