Becoming a landlord can be a great way to fund your retirement plans, but it's not for everyone. When looking at options as to if you should buy an investment property to rent out to tenants, there are certain things that you should consider.
The first is time: A rental property can take a few years to bring about a stable income and cash flow. There are many variables that go into the profitability of a rental property, including location and the markets that surround that location. If you have the time to take before you retire and the data you've gathered about the area you'll be buying in indicates that you can receive a profit from the property, then it may be the right move for you.
You'll need to make sure that you have the funds to invest, of course. You'll need to put a down payment on the mortgage that you take out for it as well as pay any other fees involved in closing the sale. Beyond that, there may be - and likely will be - repairs that need to be made either at the beginning or along the way. Roofs need to be repaired and walls need to be painted. Keep in mind that you shouldn't expect a large amount of cash to immediately flow from the investment.
In the end, some people are geared more towards being a landlord than others. It may take the decision to take a risk and try it out to find out if you're cut out for it or not.