Purchasing 2nd home as an investment for parents - suggestions/advice needed

[Alan Phan]

We purchased our home during covid and we have a chunk in equity, which we do not want to tap into. If we were to sell, we're looking 1.2-1.5mil.

Our situation is we want to purchase another property for my parents to live in - it would be 600-700k condo. We do have enough for 20% down payment. Because this will be considered a 'rental/investment' what do I need to know? Should I approach a broker or lender?