Don’t let the fear of being a landlord keep you from looking into purchasing investment properties. In fact, investment properties can generate great passive income and there are several options to managing the property that can make you a passive participant.
If you do not think you can manage your investment by yourself, be sure to calculate property management fees into your strategy. Be sure you learn about fair housing laws and other laws that pertain to the property you are considering purchasing.
Consider taking a landlord or Property Management class to learn how to select tenants, screen them to be sure they qualify, etc.
Be aware that many condo complexes have rental restrictions. You will make sure you have covered all these before proceeding.
If you choose a home that needs a lot of repairs you will get more phone calls from the tenants, and you may have more liability if protections like smoke detectors, safe electrical systems, etc are not in the home.