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You will have quite a few costs involved to become a slumlord
you have to purchase the property
you have to pay personal property taxes and insurance on the property
if anything goes wrong (and it seems to often) you will have to fix it so keep a few thousand in a rainy day fund and hope it is enough
replacing carpet, drywall, painting the place all costs money
if you don't do good vetting your renters you end up with some deadbeats that can be a challenge to move out. You will be on the hook for lawyer fees along to sue them for the money you will likely never collect
if you have enough to buy a few units look into getting a property management company to assist. They will take a few dollars or a percentage but they can handle vetting renters and finding renters. They will be coming to you every time an appliance fails or you have to replace something. Property managers typically have connections into handymen and other services (plumber, hvac, etc) so they can help you a bit there but you still pay out.
overall you might make some money but it will take a while to recoup that investment.
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