Is it worth buying a condo in Downtown for putting on rent? I'm relatively new here and feel that the laws are very consumer friendly. So, I'm not sure if it is worth buying an apartment and putting it on rent (don't want to get in legal hassles with the tenant).

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Condos in Toronto are very unlikely to cash flow unless large down payment >30%

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Would you say the same if someone bought it for living. The savings on rent can be significant. Only concern is possible equity reduction if prices fall

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Tenants can be great, or a huge nightmare. Just consider the risk of a bad tenant part of the cost of the investment. In other words, try and put a $ figure on it and factor this in to your purchase decision. If you get a great deal on the property, it may be with the cost of dealing with a couple of deadbeats who won’t pay, or damage from irresponsible ones. If not, maybe you will get a better return with less hassle elsewhere.

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I like to be positive cash flow. Last I checked to breakeven on rent vs mortgage you have to put ~30% down and then the tenant can pay the mortgage. You collect capital gains and equity at the sale.
Dealing with tenants is what P1 said above. Make sure to get credit checks, referrals and employment checks to reduce potential hassles.

I dont know how it's possible to break even with the current rent prices and cost to buy a condo assuming you are putting 20% down

Toronto doesn't really make sense for investment properties anymore. The capital requirement is too high and you're likely to be cash flow negative. Hamilton is better imo, greater yoy% appreciation and rent prices are similar to Toronto with lower upfront capital requirements.

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