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It should only take a few minutes to set it up. I made an online configurator which installs everything for you. https://tor-relay.co/ </shameless plug>

You'd have to be very wary about where you do that though, most VPS hosts don't mind relays but don't allow exit nodes, some allow both and some allow neither.

Speaking from experience, DigitalOcean and Vultr seem to be cool with relays.

Careful with cloud hosting which don't offer unlimited bandwidth. Although DO doesn't really charge for bandwidth (right now) it can at any moment it choses.

Ideally you don't host with the big guys (since there are so many relays already - diversity) which makes it a bit harder to find something. Ten times so for exits.

Also, occasional upgrades.