Deni Baldwin, the tax partner, is more interested in talking about her vacations at her lake house, rather than getting her job done.

It’s taxes are and regulations are lax and the market is going to grow faster then Seattles did.

I have been a corporate professional for about 20 years.

Honestly, I'd see if you could get as much professional help on this one as possible. 

Of course, nothing is stopping you from selling Rental #1, paying taxes, and then taking your leftover after-tax profit and moving that into Rental #2. 

U want your parents to talk to their CPA FIRST.. if they go the development route they are now ( depending on the amount of units) creating inventory.. which will be taxed at ordinary income rates ( very HIGH)if they just sell they can 1031  and move on to something else.. many times when you run the math consider the risks of a partnership.. the sale of the land is far better than thinking your going to make some profit.. 

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).

Here are some considerations and normal practices to ponder: Employee Structure, Contractual Agreements, Insurance Coverage Benefits, and HR MattersLegal and Tax ImplicationsCommunication  and Collaboration.

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?

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).