Since this post we have more clarity on the direction of US interest rates.
All things equal this is a great environment to lock in a 30 year mortgage and become a landlord.
The lease is your bible and remember that when there's a dispute "tie goes to the runner," which essentially means that if you (as the LL) must clearly described every obligation and responsibility, seen and unforeseen. Sounds simple right? It's not and it's largely dependent upon the property type.
If this is a residential home in the suburbs the repairs and maintenance obligations/involvement/coats differ greatly when compared to a condo in the city for example.
After ten years in construction and ten years in property management I've been personally involved with a wide variety of property types. Every sound investment has a verified operating budget and 5 year cap ex budget. You get those two done correctly and you are definitely on the right track! If you have any follow up questions, shoot for 6am-7am eastern standard time.
Warm regards,
Gregg M. Kennelly