<p>We did a similar thing for my in-laws. The way that we did it was that we bought it; the home is in our name, but they live there. It is considered a second home for us, not rental property. We get to deduct the mortgage interest on our taxes, which is a good thing. We did not apply for financial aid, so maybe someone else may have more input - but, from what I know, it may negatively impact your financial aid situation. I believe that your primary home doesn’t count “against” you, but a second home is considered in your assets. You may want to check with an accountant to see what is the most advantageous way for you to do this.</p>