Put $700,000 down on a well-located, well managed $2,000,000 apartment building with a good rental history and no rent control. A realistic rate of return of say, 8% cash on cash would provide about $56,000 a year income, added to your combined social security. What remains of the other $300,000 after closing costs and putting aside some "fun" money can be producing income in safe investments. You won't be rich, but well-off is quite nice. And you'll always have a place to live!
Smart idea. I do like the idea of rent control. Clearly the apt house wouldn’t be around here but who knows which state I will end up in?