Your biggest problem will continue to be securing financing at the right terms.

Factor in property management, regular maintenance, insurance, and capex you'll probably be at a loss.. it might cash flow/breakeven if you manage it yourself but I wouldn't calculate it that way.

Insurance payout if there was an accident on the property, umbrella policy would pay beyond what primary insurance didn't pay.Take care of your property and your tenant and it is unlikely that you would be sued.I have heard that people move the deed into an LLC all the time as the property is still secured by the mortgage that you signed.

Your problem is that you may have trouble securing traditional financing because of your debt.

I can tell you from hundreds of my clients perspective.they don't want to have the burden and work that goes into being a landlord.. they want mail box money and more passive investment that is secured by the same asset that a landlord owns.. there is a reason those banks have those big shinny buildings.. its massively profitable and done right less risk in many cases of being a landlord or at least let me say a ton less work.. your not dealing with the day to day.. even if you have PM you have to manage them.My note buyers are almost all experienced landlords and as their days of landlord burn out come to fruition they switch to being the bank.. keep in mind unless the house is sold for cash.. everyone buying a rental has two steps  equity and debt  IE their equity and the bank or  lenders debt.Along with shorter term holds.. and if done right no cash calls.

Then you have the entire thing of finding a place to live and if you don't have good credit now you have security deposits for everything. 

Hi,My name is Anthony (Tony) Crews and like the majority I blindly took the blue pill attracted by the security, safety, and happiness it was to provide.

I'm just leery about giving out my social security to this company.

From the seller, we got credited the tenant's security deposit, prorated rent for June, and last month rent (which will cover July). 

But after looking at it annualized, it wasn't much more than a regular tenant (and lenders hate it).