While I agree with most of your points, if you don't expect to make this a major source of income, it's not as challenging as you make it out to be.

When we moved into our current home, we didn't sell our previous one. Instead, we decided to lease it out using a property management company.

We found one that's well regarded in our area, and found out that while they charge 8% for lower-rent properties, they reduce that to 6% for high enough rent situations (such as ours). Nowhere near the 10% you mention.

Yes, it took 2-3 months to get the house ready for renting, get the needed permits, and for the management company to find the right renter (they advertise and vet potential renters, but we get to accept or decline the people they find).

However, since then, the renter has been there for over three years, having recently renewed his lease at 10% higher rent (due to inflation and the real estate market).

With our low mortgage rate, we have a nice positive cash flow, someone else is paying down our mortgage, and we get to deduct depreciation, which reduces our income taxes.

If I wanted to make this a full-time business, I'd need to find many more properties, tie up much more capital, and potentially deal with many more hassles. As it stands, the financial benefits make it a good fit for us, and pretty close to passive income.