But the largest blunder I've seen, about 30 years ago my parents had a PM transfer title of two properties and then borrowed against them.

My friend broke his leg shortly after closing on a primary residence so had to go live with his parents for better part of the year while he recover since his property had a flight of stairs and that he needed help due to the nature of injury.

Also, if you love your parents and want to keep a close relationship with them, consider not doing this. 

Ten years ago, going through infection control classes with my wife, I became certain that carpet would be as GONE in this country as it is in Europe after a pandemic of any size.

You make money on the spread, but you don't have all the risk that comes from "owning" the property, but you essentially "control" the property with a lease.

@NIcholas Hamel, Your parents accountant is partially right. 

My parents have one in Santa Rosa Beach (just east of Destin/Miramar Beach), and they made over $30,000 gross for two bedrooms that they rent out each summer. 

The main downsides of a condo purchase is HOA control, for example, with a special assessment, they can ruin a deal.

If you have the time and know how, and business systems, and understanding of the law… whenever it becomes to much of a time suck to manage rentals.I went all in and couldn’t help myself or give up control so left my corporate job and started managing rentals full time for myself and others.

When available you should use a system that helps you stay in control, on budget and on time to help your success.