Renting Servers: Criticisms and Recommendations?

For a growing number of reasons, as with most people here, I am more desirous of self-hosted solutions to replace proprietary ones, yet, as with many others, I am not in a position to fully self-host with a server at home. Any comments on kinda-self-host, where you rent a server from a third party and do all the same shenanigans on it? Specifically, I’m thinking of data storage and streaming.

Please share any information resources if you can.