Also, there are many large risks in playing landlord.
1) The place may go vacant - no cash flow.
2) Govco may arbitrarily declare a rent moratorium during a pandemic.
3) You have no idea really who you are renting to, and what they might do to the place because they just don’t care.
4) High cost of maintenance - $15k for a roof. $10k for an HVAC unit. $3k for a new water heater. Need a tree taken down? $3-5k. Lawn care, snow removal, wind damage. Etc, etc, etc.
Sure, if had 100 or 1000 units, you could hire your own crew, and plan for vacancies, spread the cost of maintenance. But own one home, and hope you make enough money on it? Good luck. Because luck is what it will take.
Fooled with the idea of rental property ownership off and on. The reasons you cited are always what end up telling me nope. If that is all I did or wanted to do for a living, then maybe.
Have relations that amassed wealth by buying up tax lean properties, that is all they did for work, renting, fixing, selling etc.
Personally I couldnt do that, seems not so neighborly loving to aid in turning people out of their homes.
Only ever had 2 mortgages, got away even on the first after 5 years then paid off another in 12 years. Been debt free for a while now but boy with the family expenses or habits of some it does not feel like I can ever get ahead. Not living pay check to paycheck but the checking account overdrafts too often.