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?

[Nicole W.]

I just googled renting to family members and here is one that came up. There are several of them. https://certifiedtaxcoach.org/five-tips-to-avoiding-the-tax-hazards-of-renting-to-relatives/#:~:text=Rent%20at%20Fair%20Market%20Value&text=If%20they%20rent%20below%20fair,for%20more%20than%2014%20days.