Advice: Purchasing a Home for my Parents advice

[Alan Phan]

Situation: My wife and I purchased our first home, new construction in 2021. We want to purchase my parents a home to move them out of their current place where they are renting (both parents are in their early 70's). We would want to make my parents the 'renters' and we as the landlord.

Question: In terms of taxes, is there something we should consider when renting to our parents? What kind of tax benefits would we get as rental property owners. Will this affect their social security? Any advice is appreciated as this will be our first 'rental' property we are considering on purchasing. Thanks!