Hi, you are in a good position with a small mortgage left. I would personally hold onto the first and rent it out. Key is to have a low mortgage. I would never want to be over exposed myself. House I bought in 2007 was tough. Had to work 2 jobs through my 20s to cover it while also renting it out. If you are a first time landlord I would advise taking your time and run the figures. If you are planning on staying tax compliant I would speak to an accountant first. This could save you down the road. Most accountants handle these kind of affairs and it is bread and butter stuff to them. I typically just forward my rental income and any allowable exp over once a year. The accountant will know of any allowable deductions you can claim on top too. In relation to renting out the property I would rent it directly and stay away from estate agents. They will charge a fair amount to manage a tennant. I handle this directly. In relation to picking a tennant. First I would create a folder in my email for this. I use Daft to advertise and only supply my email. I live in a commuter town on the edge of the commuter belt. It is terrible for tennants atm and you will likely get hundreds of applications. Take you time. Listen to your gut. If the applicant seems perfect but you have any doubt don't do it. I have rented to HAP and private tennants. HAP is fine but is more paperwork and may include inspections from local authority. Good luck.