'rcoreyus' is right on all points.

Hubby and I had thought about purchasing one of those foreclosed homes so that we could rent it. It looked good on paper. But the money you get from renting can easily become payments for taxes and repairs, among other things. What if the house sustains damages and/or you can't find someone to rent? Do you have enough cash set aside to cover the mortgage as well as your current living expenses? Plus you have to worry about what you will do if your tenant doesn't pay rent or trashes the place. And since it's outside of the state where you live, will you be able to get there asap if some unforeseen situation should arise? And no agent! A lot of stuff to think about. It's one thing to own and live there with your husband and baby. But when you rent, you don't know what you could be getting yourself into. You and your husband will have to sit down and think realistically about whether or not you can handle the potential challenges that can go along with renting. It is a big deal. It can be a great way to earn some extra income or a nightmare.