Can a farang buy an apartment and put it up for rental?

I'm looking for a way to stay in Chiang Mai and thought this would be an business idea if possible. Would I need a work permit for doing that? What else should I think about?

Also if I understand right a farang can buy a house but not land. Is that right?

Cheers!

No reason why you cant buy a condo and rent it out, as regards the WP would depend how involved you get..ie if in your doing your own maintence on a rented condo, then certainly you wold require a WP, but if let a property company deal with everything then no.

buy a house, not the land..technically speaking yes

Don't forget to file your PND 90 at the end of the year and declare your rental income.

I know of condo boards where Thai condo owners threatened to report foreign condo owners to immigration in cases where the foreigner owned multiple units and basically made a living of renting out condos. I don't know if anything came of it -- haven't heard of anyone getting deported or arrested for working with a WP for doing this, but it has made for some nasty fights for control of condo boards.