Could I Rent my Property to my Parents?

[Yash Gautam]

The title is basically my question but with a couple caveats. I am a beginner so bear with me but lets say couple years down the line I have a booming rental business and I have the money now where I want to buy my parents a home, let's say for $1 million. Could I buy the property though my rental business to get all the tax benefits of doing this while charging my parents a stupid low rent, say $100/month. Firstly would this be legal? And secondly would it make sense for me to do it from a financial standpoint?