What to do with a $1 million house?

[Travis Henry]

My grandparents are retired and own their home outright here in Hawaii. It's probably worth a little over $1.2 million , and they're considering selling it and moving to Las Vegas.

Their plan is to buy two SFHs in Vegas with cash from the proceeds of the Hawaii sale, live in one and rent out the other. When they pass, one of the homes would go to my mom and the other to my uncle.

A little more context:

• They would prefer not to re-leverage the Hawaii house (or use leverage on the Vegas homes), though they haven't ruled it out.
• House hacking (either with roommates or in a MFR) isn't an option for them.
• They chose Vegas because it's the 9th Hawaiian island and they visit 2-3 times per year.

I'm wondering if there are any other creative strategies for us to consider. Don't know that there is, but I figured I'd put it out to BP nation.