Buying my parents a home

Hi all, my parents are getting old and want to settle into a permanent home, but they have a pretty hairy financial history / bad credit / not a lot of income so they wouldn't be able to purchase on their own. We're thinking of buying a property (would be a very modest, single-story home) under my name and renting it back to my parents. I'm currently finishing up my first year of PE (I'm not that old) and this would be my first property. Would appreciate any advice on the situation / if you've done something similar and if there are any major implications I need to consider. I also want to purchase a home for myself eventually (probably while my parents are still living in this first home), and just want to make sure I do this in a way that doesn't bite me in the ass down the road. Any advice for a clueless first-time buyer is much appreciated. Thanks in advance.

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  • VP in IB-M&A
Jun 10, 2021 - 12:56pm
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