So yeah, title. I finally have the money and credit score to potentially purchase a modest property, but this will be the first time I've ever owned property, let alone a house.
What I would like to do is rent out the extra rooms to ease the burden of paying the mortgage to nothing, and keep anything extra saved for if/when something goes wrong or needs work. I also know very little about managing tenants, except I would think I'd want to write up a contract detailing the terms of lease? Is that something I can just write myself and if they sign it it's legally binding or do I need a lawyer to write one up for me for it to be considered a legal contract?
I get conflicting reports from other property owners that being a landlord and renting out is either a nightmare not worth anyones time, or they say it's an easy way to generate passive income. What sorts of things should I do/be aware of? Are there any traps people new to this stuff like myself tend to fall for that can ruin everything or make things harder than they should be?