Possible first time investor.

[Metodij Marinceski]

Hello bigger pockets community. I have been struggling with a decision on what to do with my current residence. I live in Indianapolis currently in an attached condo, but I am moving soon. I am a physical therapist and have come across better opportunities that will allow me to travel. At first I thought I would sell my house, but I have always wanted to attain a property to start renting out and I figured this might be a good opportunity for me to start. I spoke with a property management company that I trust and already crunched the numbers in regards to renting out my residence...including increased tax and management fees. It looks like I can profit at the end of the month roughly 200-300 dollars depending on how much I rent at. I have set aside 5000 dollars for repairs and I would add approximately 200 dollars to this amount monthly. Basically, I am just reaching out to this community because this decision kind of scares me and would like advice. -How much money should I set aside for repairs? - are there any legal actions I should take before renting out the property? - anything you guys feel i should know before hand like common pitfalls or things often overlooked? Any information would be helpful. I'm both scared and really excited about this opportunity in becoming a landlord.