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If I had the money I would do it basically as a gift and would consider any money I get from them in "rent" to be bonus. Or just use that money for maintenance. Certainly not a good investment but would be nice to do as a way to help my parents without them feeling bad about it.
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Home for your parents shouldn't be considered a rental property. It's nothing like it aside for money covering some expenses.
For my parents, it was a condo nearby with attached garage; no freeway, and absolutely no maintenance yard work. We bought a condo and my parents 'rent' it at below market rates. My in-laws wanted single story SFH with a yard to grow fruit trees and cover costs; but wanted the home free+clear so we assisted them with 200k on that. --we were fortunate to have the means to pull both those off.
Having them both near us is priceless and well worth the sunken costs.
Get them into a situation that they want/are willing to downsize into and assist them as you can, but it's more emotional than financial
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Definitely would not go into a situation with family renting. Just my opinion.
If they're looking to downsize and not deal with maintenance, condos are always an option unless they want a yard. If this is the case, they'll need to make sure they buy into a smaller lot for less upkeep on the outside.
Good luck!
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