There is a foreclosed condo near our home and it has me thinking about investment property. I am not interested in owning a large number of properties, but I do think having an additional small stream of income would be nice in the long term.
I'm reading lots of horror stories, so I'm wondering if anyone has positive stories about this sort of investment?

Edit: Oh wow, maybe I shouldn't be asking about rental property if I want to one it instead of own it.

I'm guessing autocorrect got you? You don't want to rent it out?

Condos are a bit tricky because you have HOA fees and you'd need to be aware of what the HOA laws are and how they could affect you and your potential tenants if you have any.

I have a rental property in another state that I use a property management company to manage. They keep the property rented and take care of any issues. The mortgage payment is less than my income from it and I get tax breaks on it. A commuter line is in the process of being built near it and if it ever ends up being a headache, I'd wait until the commuter line is finished and sell sometime after that.

I think there are certain headaches if you decide to manage it yourself but it doable. What if there is a major issue in the middle of the knight, you'd want to allow any tenants to contact you or someone. Also laws in various states may give your tenants more rights than you'd expect. If you live in New Jersey, I'd especially be cautious and check the laws.

I don't own rental property, but I would think that a lot depends on the condition and the location. Why type of renters is it going to attract. Some people rent because they don't want the responsibility of maintaining a house. They are willing to pay the price to have a nice place with good maintenance they can depend on. Then there are those who rent because they can't afford to buy. Some, not all, can be irresponsible, causing damage, having noisy parties that disturb neighbors and cause problems. It can be hard to get undesireable people evicted.

Also, I'm wondering, since it's a condo, are you permitted to buy and then lease it to someone else?