Buying your parents a home- Mistake or Paying it Back?

[Harry Argueta]

Currently in a very interesting situation where I have the opportunity to purchase a property appraised at $550k for about $430k. You may be thinking that’s a great deal in of itself (and it is) but the caveat to that is that it would be my primary residence for a year and then I would leave it to my parents to continue paying off. Currently, I’m a beginner investor with absolutely no properties to my name and I am very hesitant on the idea of making this home my first investment property. I worry that if one day my parents are unable to continue with the payments- I’ll have the responsibility of continuing the mortgage payments (of course) but will also be tied to not being able to sell the property as I wouldn’t have the heart to evict my own parents.

I'm obviously unsure on where I'll be in a few years and if I could afford a second mortgage on this property and be paying off my own home at the same time. Looking for advice on ways to structure this type of arrangement with my parents (examples being I could put the property under an LLC and have them be my "tenants" or I could take a home equity loan without having to sell the home) or any other type of scenarios that could be mutually beneficial.

First time ever posting so really appreciate any words of wisdom.