You might want to read the book "Buy and Hold" which is about doing rental property in a "cold" market where there really isn't the potential to have the price run up and then cash out quickly.
When I was a landlord, I lived 1600 miles away and it was managed by my real estate agent. We had homeowner association dues that also covered water. She told me to make the tenant pay them. Her words (not mine) were to this effect: "People are Stupid. If you charge them for the homeowner dues and explain that to them, they won't understand and will just see the rent as being higher. If you make them pay, it costs the same amount but the home sounds cheaper because the "rent" is less. Don't confuse them with the facts. Keep it simple because People are Stupid."
I had a 3 year contract with her and it all worked out satisfactorily. However, I was young and naive and when we wrote the contract, she put in a clause that gave her an "out" if she wanted to ditch me but there was no similar clause covering me. So anyone you hire, whether it is for maintenance or management or whatever, make sure you are covered and have a way out if the relationship is unsatisfactory.
I say that because I called a lawyer at one point to find out my options. Some tenants sued "me" in court and my real estate agent was my representation and she did not do a good job of keeping me informed. I kind of found out after the fact. I think she thought she would win and there was no reason to upset me. I no longer remember the details but it was pretty upsetting even to get The News the way I did and feel utterly helpless and side-swiped.
A low risk way to get into residential rental property is to buy a home for you to live in, put the sweat equity into it yourself, and then move out and rent it out. That was what I did. It wasn't really a Plan. We bought a house and, naturally, the army moved us a few years later. There are plenty of books on that subject.
A good rule of thumb for ANY residential real estate: look for a home in a good school district and it needs to be 3 bedrooms. Two bedroom homes do not sell as well or rent as well and can be prone to "slumification." :-D And go for a fairly basic home. High end homes also do not rent as well and, in a down market, they can be a nightmare to try to unload. My sister got burned really badly on that.
Also, look for a book called "the common sense mortgage". Mortgage rates are low right now and if I were in any position to do so, I would definitely buy real estate of some kind. Real estate is one of the most secure investments you can make.
I am sure I have a zillion other things I could say on the topic. I read quite a bit on it to prepare me for being a landlord. But, hey, I know my droning on puts everyone to sleep.
