Buying a Rental for Income- Fort Worth

[Annette Ross]

Would like some insight from those who have worked with buying real estate as income property. I am currently looking at buying a rental home for less than $50,000 in the Forth Worth area. I would be able to pay cash for this home and then have plans to rent it out. My thought for doing this was to received the income from the property. Is this a wise idea? I have been a landlord before, have had good renters and have had bad renters.

My situation, and perhaps someone can offer an idea that makes more sense? I am going thru a divorce, will receive a settlement. I have been working as a piano instructor from our home for 35 years and have not worked outside of the home since 1994. I am in my mid 50's, debt free. I don't think a lending agency will loan me money to buy my own home due to my lack of job history however I will have this settlement money and was thinking a rental unit paid for in cash might help generate some income for me.

Any thoughts?