This is a terrible idea, unless you want a full time job. You didn't deduct from the $8,000 a month income - repairs, taxes, upkeep, insurance, potential loss

This is a terrible idea, unless you want a full time job. You didn't deduct from the $8,000 a month income - repairs, taxes, upkeep, insurance, potential loss of income due to bad tenants, tenants that damage your property - a bad tenant could cause $100K+ damage to your property and stop paying rent entirely. Also, property value loss due to deflation of the housing market, and other risks. The average price of maintenance on a house is 1-3% of its value per year - this takes $20-60K per year off the top of your income. Be sure to take taxes off that as well as deadbeat tenants. You could actually be in a negative situation, especially if you get a bad tenant that damages your property.