Unless you plan on being a full time landlord forget it. I kept my last house when I moved to a new one (900 miles away). Being in a private lake community I thought it would be a good idea, and pay itself off.... Boy, what a mistake! 1st year tenants were in the medical professions. They painted the kitchen ceiling- used latex over the oil that was on there- it all peeled, so they called the Town and said paint was peeling! Town sends me an infraction! $600 later, they decide they want a new refridgerator (old one works fine) They stop paying rent.... It snows, they call me and ask when I am gonna heve it shoveled!! And they were much better than the second tenant...
He moves in, proceeds to rebuild a motorcycle on the living room carpet (brand new since last tenant had the "mishap" with the wood stove... then the place turns into the hang out for the local motorcycle gang, lawn turns into forest- 4 feet tall, violating the community's standards maintenance, on parking etc... more fines... they flush something unknown down the septic (motor oil?) ruins the system, it overflows, they call the town, more fines, $8,000 in engineered system, then the jerk stops paying rent (lost job), can't evict for 3 months (due process) etc.etc.. I fly out there with "intent". I find out the ass has let a water leak in basement go unrepaired- finished basement has 4 feet of water in it! He leaves (very dramatic).
I am out 5 months rent on the year, $8000. in septic system repair, plus need to replace every carpet in house, and repair 'fist' holes in every wall- and I do mean every wall. Basement needs a complete tear out and replacement Total damage is over $15,000 dollars.
In 2 years I lose over 28,000 dollars in fines, damage, and outright negligence. Both of these Tenants came with "excellent" references, and paid a 2 month security up front. Both did more damage than their security would ever cover... Lawyer advised to "let it go" since his costs are mine, and tenant has nothing to recover... What a joke!
I finally sold the house. Best move I made and lesson learned.
I STRONGLY advise you against becoming a landlord unless you live in the same house, or next door! Even then its a bad idea- they will destroy your place.