From the few in our circle of friends who have been landlords before, none of them have had any stories remotely like yours. They've all seemed to have had model tenants from what I've gathered. Worst cases are just a few have had their leases broken early and they are having to carry double mortgage payments for a month or two scrambling for another tenant. Or some have been late paying rent once in while and you have to chase them down.
They've all just told me it isn't that bad. Just make sure to do a thorough job in screening the applicants. Check credit history, job stabilty/length, etc. Some have even recommended to just pay a property management company to handle renting it out and such as the fee is well worth it.
I thought owning and accumulating real estate was the way to wealth and comfortable retirements so I wresting with letting my 1st house go so deep into a mortgage. I have some friends who own 3-4 homes. But reading this thread and story though, I am just not sure it is worth the trouble and risk of trying to rent it out. Unless of course I knew ahead of time prices would continue to rise unrealistically in my city forever.