It's called arbitrage and it leaves you open to changes that you have no control over.

Decide which of the following you have the most control over. 

@Precious ThompsonYou will want to check your lease first and see if pest control falls under the tenant responsibility.

I also learned you have so much more control of the value with apartments.

B property in B/A neighborhood you can get 2-3 unit (no rent control)B property in a C neighborhood you can get 12-16 units (most likely rent controlled and a fixer)A million in this market doesn't get you to far at all.

We are hoping to put the in-law apartment back on the market for summer 2021 but so much depends upon how well the pandemic is brought under control by then.

@Jennifer Konikoff the hoa has no control on financing.

These are (some of) the same people (my buddy is one of them) who think that they will always qualify for subsidized healthcare as long as "their income can be controlled," and that there won't be any asset-based testing or rule changes in the future.  

Having said that you have a bit more control over what goes into the place and can build some equity.Make sure you run the numbers before you look at the place to see that the rent covers the expenses and keep in mind you are buying it as a rental, not your personal home.

For either of these accounts, you have control of the investments until the child reaches the age of majority in their state (18-21 depending on the state).