Question

Lets say the parent has a HP IV will there be a larger chance it will have the same?

Answer 1

Bred pokemon will inherit the parents IVs in 3 stats without a power item, these are chosen randomly. If it happens that a stat is chosen twice, the second time the IV is chosen the new IV will replace the first one ex- umbreon & espeon breed, the hp IV is chosen from umbreon & hp & Sp attack is chosen from espeon, espeons hp IVs will be given to the baby.

Hope this helps :)

EDIT- the other IVs for the baby will be chosen randomly, then there are also the power items that j98 has explained

Answer 2

Uh, you do realize, All pokemon have and Hp Atk Def Sp Atk Sp Def and Spd IV.

Buy I think I see what you're asking.

In Gen V if you let one pokemon hold a Power Item ( Eg. Power Bracer ) the pokemon born will have 31 in the IV in which the Power item represents.

Comments

You don't need the Everstone for IVs, that's for inheriting natures. And it's not "high chance", it's guaranteed that the baby will inherit the IV of the power item.