@evolvedheathen Rental agency handles finding a renter and receiving rent payments every month, takes their cut (usually a fixed percentage of rental revenue), and sends you a check for the rest. You make the mortgage payment every month, and hopefully have a bit of profit left over.
Rental agency also coordinates things like repairs (say the water heater goes out, they'll find a local plumber/handyman to fix it, and you pay the bill), inspections, and evictions if necessary.
If the local rental market can support a rate that covers the expenses (mortgage, agent fees, etc.) and enough profit to make it worthwhile, it might be a good option to consider.
Even if you only break even or come out slightly out of pocket, eventually you'll end up with a paid off house, and home values typically appreciate over time.
There are risks though, like if a big repair becomes necessary. A sudden $15-20k bill for a roof replacement can be painful if you're not prepared for it. Also shitty renters can be a problem. If they stop paying, depending on the local laws, it can take several months to evict, while you're still on the hook for the mortgage. You can sue and get a judgment against delinquent renters, but if they have no assets or don't care about a hit on their credit, you might not ever see a dime from them.
