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I have a 3 homes and my vacation condo in Florida that I rent out in the winter to snow birds. My neighbor in fl is a retired contractor and he handles anything that pops up down there. My place is in a nice area, the 3-4 months I rent it out pays my dues and most of the mortgage for the year. My dues are stupid expensive, about 800 a month. But renting it makes all my vacations pretty much free. My places in Indiana are all in high demand areas and keeping them rented is easy. 2 of the houses I lived in and worked on before I rented them out. Bought them in real rough shape and did all the rehab myself. Living in them while you're working on them sucks for a little bit but you aren't paying an extra mortgage during the rehab and you can work on it at your own pace.

As far as how much you make, really depends on how much you have in them. 2 of the properties pay 160% of the monthly mortgage and one is paying 130%. I put the entire rent towards the mortgage, my wife and I both have full time jobs that pay well so if an issue pops up it doesn't hurt us to pay for the repairs out of pocket. I wouldn't recommend doing it that way if your income can't easily pay for problems that arise.