Cynthetiq

I'd like to add that you should consider a couple of things as well.

If something goes bad like the AC, heater, or any of the things that can go wrong with the house, you'll be responsible. This means you'll have to also have a reserve of funds to be able to pay for repairs.

I just had to replace the HVAC system for the 5 bedroom house. It would have cost me over $3,000. When I bought the property I got a home warranty for a few hundred dollars and my total cost for the replacement ONE of the units was $500, $350 for the crane to life it over the wall, and $150 to dispose of the old unit. On the other property, the washing machine gave out after almost 10 years, and it was $150 to buy a refurbished unit.

Now, my properties aren't anywhere near me. I did that on purpose because I don't want to visit them and mess with them at all. I have done that earlier in my life managing my parents rental property when I was a young man. I didn't like going every month to collect the rent and oversee repairs.

I hired a property manager who takes 10% of the collected rent. If there is no renter, the manager does not get paid. The manager handles and fields all the calls from the tenants and is authorized to spend up to $200 without consulting me for any emergency repairs. I make just enough money from the rent to cover the mortgage and make a small profit each year, which goes to a savings account for any future repairs.

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