I own a bunch of rental properties. They have been a good investment and I haven't had any major problems with them or renters. However, I have always been very careful with selecting tenants and keeping everything official and legal and documented. Eventually, all my properties will be managed by a management company and I will no longer have to work directly with them (except for making executive decisions). I am currently trying this out on some of my properties and if all goes well, I will do it for all of them.
If you decide to do it, initially keep all the rent income in a separate account (or carefully accounted for) and do not use it to supplement your income at all. That will you'll have a pool of money to draw from for expenses. After your first tenant, you'll have a better idea of the profit margin and you can start supplementing your income. Be sure to always keep a rental property emergency fund! I wouldn't feel comfortable with less than a year's worth of rent as a backup for any of my properties.
On another note: Wow, under $30k! My cheapest rental is $150k.
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