Others have already posted the obvious pros and cons associated with being a landlord.
Regarding your rights as a landlord, you should become educated on the tenant/landlord regulations for your community and state regulations. In FL there is a large section of state statutes governing leases, tenant rights, notifications required by landlords, etc. Texas appears to have similar statutes. https://www.texasattorneygeneral.gov/consumer/tenants.shtml
You should also become familiar with federal fair housing laws before you advertise a rental, start the interview process with prospective tenants.
Once you have the above information it should be easier for you to make a decision on becoming a landlord or not.
Diane Christner, Realtor, GRI, SFR, CNE