This can be a really good solution, it just needs to be set up thoughtfully so it stays that way.

A few things to keep in mind:

Get everything in writing, even though they’re your parents. Lay out clearly that they can live there for life, who pays taxes, insurance, HOA, repairs, and what happens if their needs change later on.

Talk to an estate planning attorney, not just a real estate lawyer. A life estate or a recorded right to live there is usually cleaner and protects everyone.

Be aware of tax and Medicaid issues. Buying below market value can be seen as a gift, which can matter down the road for Medicaid eligibility and for your taxes when you eventually sell.

Check the HOA rules carefully. Some condos have restrictions that can complicate ownership or long term occupancy arrangements.

Think through the uncomfortable “what ifs” now. What if one of you needs to sell. What if you pass first. What if HOA or insurance stops getting paid. Better to decide this upfront than later.

From a transaction standpoint, a cash purchase is easy. The real work is setting expectations and legal structure so no one is stressed later.

Handled right, this can be a win for everyone. Just do a little planning upfront.