My parents are 62 and 60. Mom is retired, Dad has a year or two left to go. Middle class family but they were fairly frugal throughout their lives, did a good job saving money and generally don't have much to worry about as far as money goes in retirement. They have a paid off house worth approx $650,000 with a basement suite bringing in $750/mo I believe.
I have $50,000 cash in the bank that i'm considering buying an income property with. Problem is they live in the Greater Vancouver area where prices are insane and the numbers don't work very well in terms of trying to cash flow a property.
The thought came across me tonight - What if I considered making them some kind of an offer to essentially buy the $750/mo stream of income off them for their basement suite. My parents are the type of people who would almost do anything for me, so I don't want to take advantage of that, if this is an important piece of their retirement and their peace of mind then I want nothing to do with disturbing that.
But if they were open to it, I would like to hear people's opinions on it. It would be nice having my parents above the suite to make sure all is well and if it were ever to be vacant, I wouldn't have to incur paying any costs associated with that, etc.
What do you people think, is this a reasonable idea or am I a terrible son for thinking this?