Advice on personal property / plans for investment property

[Jay Wall]

Hey everybody, first time posting and just now getting into RE investing. Looking to get a place for my parents that eventually turns into a rental property.

My parents currently own a condo that’s fully paid off that I can rent for about $1,250 - will use this to pay down mortgage on new place as much as I can and cover the rest. My plan is to buy them a new place - personal reasons but also expect this to become a rental property in the next 3-5 yrs when they move closer to me. The place I’m looking at is a new build for $315k and 20% down. Rents are currently around $2,200-2,400. Not sure what that’ll look like when it’s ready to rent when my parents move out.

Part of the reason I want to do this is to get my feet wet with being a landlord with their current property and then start making investments in others. Other reason is I want to get them a better place, but also want it to be a rental unit at some point. Again, just trying to get my feet wet and gain some momentum.

Really looking for any additional considerations I should be thinking about before making this decision and any initial reactions to the idea. My first decision so want to make sure I’m not completely missing anything.