There are costs associated with a rental property just as there are costs associated with a property you live in, but there is one big difference: with a rental property, those costs can be completely covered by the rent your tenants pay.
If you’ve done your math right, there shouldn’t be a single out-of-pocket expense involved in maintaining your rental property.
The income you get from your tenants should cover expenses like insurance, utilities, and maintenance.
Even better, if you have a well-maintained property and you set your rent appropriately high enough, rent payments from your tenants can go right towards your mortgage payments as well.
At the very least, you can ease the burden on your own budget with the rent from your tenants. At best, you can pay off the mortgage loan entirely with your tenants’ money. This enables you to save your own money and turn the property into a source of income as soon as the mortgage has been paid off.