I have very elderly neighbors whose house is pretty old and not updated. They will be moving on in a couple of years and I thought that I might approach them with an offer to purchase ahead to help with estate planning, etc. It seems like it would make for a decent rental in a bedroom community with good schools. The advantage would be that I could manage the property aspect fairly easily (mowing, snow removal, etc) as I am right there. Obvious downsides would be that I could be on call much more easily, but similarly not having to go cross town to get tools or fix something in the middle of the night makes being a landlord a bit easier. Obviously doubling down on the risk of being in the same town. I'd probably do a refi on my primary to fund the purchase as I am paid off. Also, controlling the next door access/privacy is appealing as well. Neighbor on the other side is friendly to me (same Alma Mater of both owners as my wife and I).
I didn't find the right solution from the Internet.