Is it realistic to be a profitable land lord if you have the money for the investment?

it depends upon what your investment options are and your tolerance for risk.
If you are ina market where rents are sure and the value of RE is going up then it can be a good call tobe a landlord.
If you know how to play stocks or whatever, then maybe that is your best route.

Rental properties are good for cash flow and appreciation but it wont make you rich, i carry a few rental properties but make more of my real estate money through flipping homes, buy low sell high.

It's really hard nowadays, because real estate prices have gone up a lot faster than rents in most places. It's also a bit risky -- a lot of people think we are in a real estate "bubble" and that prices are going to come down.

It used to be that you could buy property and rent it for enough to cover the mortgage and expenses. Not any more. Most money in real estate is made from either appreciation in the value of the land, or by a developer.

I tried being a landlord and didn't like it. First, you'll be lucky to get rent that covers the payment, insurance and taxes, no profit. If you make a little profit and compute that into the hours you have to think about your rental property, worry about tenants, communicate with tenants and tenants will damage or not maintain your property. I had to evict my tenants and it cost me a lot of money and headaches. I would think the only profitable operation would involve lots of properties with a professional management company. Figure your rate of return, minus the value of your time, minus the worries and then compare to other investments.

Absolutely. BUT the numbers must work.
Don't try to buy a house or office building that after all expenses you are paying out more than you are bringing in. Its fairly easy to figure this out before you make an offer.

No one wants a lanlord who's a bigot.