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Is buying and renting a good investment?

I am currently in a home that I bought planning to do a full reno. Great home, just needed cosmetic updates. I have now realized that with it being a bi-level, it is the perfect potential rental property and am currently renovating the basement for a second legal suite. I have no mortgage on this home and realize that there will likely be unforeseen costs, the “passive” income that could be generated has me leaning towards an investment property.

I am looking for advice from others who are or have done this as the housing market in my area is very low right now and there is another property similar to mine that would be perfect to renovate for two suites.

I would love to hear the pros and cons of rental property investments.

submitted by /u/Bri280
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source https://www.reddit.com/r/RealEstate/comments/pwb4i5/is_buying_and_renting_a_good_investment/
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