Should I become a landlord?

I've recently been looking into getting into the landlord business. The more I read, the more I'm told that multiple income streams is the key to financial independence. This has led to to spend some time looking into investment properties.

Here are the key things I'm looking for in an investment property:

1) Property must carry itself.
This is of course easier said that done, but given my available cashflow this is an absolute must.

2)Property carries for under $1,000/month.
Since there is always a risk that I wont be able to rent out my property, the carrying cost must be small so that I don't cripple myself financially with this transaction.

Nice Bonuses:

1) Area is likely to have long-term renters.

2) Home being purchased has already been rented.

Living in the GTA (Greater Toronto Area), these limits are quite difficult. A new 1BR condo will run me $175,000 +. This would carry in the $1300+ range. It would also be very difficult for these condos to carry themselves as rent on a 1BR condo is typically around $1000. So it would appear that I will have to go outside Toronto. But how far is reasonable? Peterborough? Barrie? Is the amount of driving that would be associated with these investments really worth it?

Over the next few months, I will keep you posted on how this is progressing.

For those of you out there who have experience as a landlord, I would appreciate any advice you may have.