Investing in a house for a newborn

[Paul Khazansky]

So as someone who recently had a child, I'm looking for ways to put some money into an account set-up for my newborn that will hopefully grow over the years. Traditional CD's over below inflation rate interest rates, so the next few options are custodian accounts and 529 plans (set up to pay for child's education in future).

Then there is the option of purchasing a home/condo for the child (to his name), and renting it out with the idea that by the time he grows up it'll be owned free and clear. The amount is roughly $30k, which should be enough for down-payment and closing costs of say, 100k, property. Wanted to see if anyone has done this here, and if so, please share your thoughts/tips on the subject. Thanks!