I think it was either chase or chickenmonkey who posted a couple months ago about buying houses/condos and renting them out. Can either of you provide any updates? What about anyone else? I seem to remember most people saying it was a PITA and not worth the return.
What about buying vacant (residential) land and holding onto it for 10 plus years? You won't be bringing in any rent and you will still have to pay yearly taxes on it, but if you can pay cash you should be able to make a profit if the land goes up over time. Plus, you won't have to deal with any tenants.