If you invest in property and you keep up your mortgage payments on it, it is unlikely that you will loose out, in fact there is a good chance you will make a considerable capital gain over time. Remember, property investment is for the mid to long term and not short term so don’t have unrealistic expectations. This is providing of course that you buy a property free from any structural defects, that any other factors affecting property values remain positive and that you keep the property well maintained and properly insured. Buy in a location where there is steady demand for renting and the property should pay for itself. The biggest risk for private landlords is poor management on their part and bad tenants which can lead to serious cash flow problems if the rent isn't paid on time, the property is damaged or you get into a dispute with a tenant. You can be held responsible if you do not comply with the law, particularly on safety issues or tenant harassment.

You can but your property is always better let out than left empty even if it’s not earning you as much as you’d like. It will cost several thousand pounds a year to leave the property empty - in lost rental income, council tax, additional insurance and security charges, and general maintenance. There is also an increased risk of squatters or vandals so let it if you can.

Most tenants will leave with adequate notice but if yours won't you must not under any circumstances try to evict or force the tenant into leaving. You have to apply via the court to get possession of your property back.

You can end the tenancy at any time after 6 months, provided any fixed term you agreed has ended and you have given a full 2 months' notice using a Section 21 Notice. You need to give your tenant 2 months written notice that you want your property back. You can seek to end the tenancy at any time if your contact has been breached on certain and specific ‘grounds’ as set out in the legislation. These include rent arrears, anti-social behavior and any damage caused by the tenant.

Whilst other tenancy agreements exist, most people renting have an Assured Shorthold Tenancy Agreement which usually lasts for a minimum of 6 months. You can agree to a set term e.g. 6 or 12 months, or you can leave the term open ended. Once the initial 6 month period ends you have the option of renewing for another fixed term or allowing the tenancy to run-on on a periodic basis, this being the rent period - monthly or weekly. The tenancy then becomes a Periodic Tenancy.

There is a lot to learn about letting property and whilst it’s perfectly possible for you to let and manage your own property you may prefer to use the services of an experienced letting agent. It may be advisable to use an agent until you are confident about doing it yourself or if you live a long way from your property and will find it hard to manage. It’s not always best to rely on friends or family to manage your property and could be asking for trouble. Letting a property is a considerable responsibility which only a committed landlord or experienced letting agent should take on. Don't do-it-yourself purely because an agent will not accept your property if it does not meet the basic letting regulations. You are taking big risks if you let a property which does not meet the basic requirements.

It is against the law to forcibly evict or to harass a tenant to leave i.e. cutting off services or threatening them. To evict a tenant you need to gain a court order for possession. If you don’t you are then liable for criminal prosecution and/or a claim for damages by the tenant.

If you are worried about the prospective tenant’s ability to pay the rent then it is a good idea to take a guarantee from a third party. You should still do all the relevant checks on the guarantor as you would with the tenant.

Most tenants prefer unfurnished properties as they tend to have their own furniture and white goods, and prefer to create a home in their own style. Short term corporate lets are very different requiring a property to be fully furnished and fully equipped, but the longer term residential rental market is more common. If you are furnishing or part-furnishing, there is not a huge difference in the monthly rent but this option might be more attractive to some tenants. You don’t need to furnish with expensive furniture just decent good quality furniture that meets the relevant regulations.

Ensure your property is clean, in good decor and well maintained so it gives a good impression when prospective tenants view it. That includes any garden too. Don’t leave rubbish or old furniture lying around, clear it up. Also:

• Reduce the rent: if you can't let your property at the price you want, then try reducing the rent
• Be less picky: for example, if you've asked for non-smokers or no pets then re-consider this. A good local cleaning company should be able to get rid of any smells quite easily and relatively cheaply. It’s infinitely better to have a property rented to a smoker or pet owner, than to have it empty earning no income.
• Furnish or part-furnish the property: this doesn’t need to be expensive furniture but should be in good condition and meet all fire regulations. It’s not a guarantee that the place will attract tenants but consider this if you’re getting calls rejecting the property because it's unfurnished.

If you have a mortgage or are going to let a leasehold flat, you need to check to see if you need permission from your mortgage company, freeholder or landlord before letting. If consent is not obtained, this could have serious consequences, including the lender or landlord taking possession proceedings against you. Your mortgage company may impose conditions for letting which you should comply with.

There are the obvious financial gains from becoming a landlord and many private landlords do it to provide a second income. Make sure you are suited to being a landlord because not everyone is. It can be stressful if you don’t vet and choose your tenants properly and you might find yourself out of pocket trying to evict a bad tenant who’s not been paying the rent. Financial gains can be good and total returns (income + capital gains) have been as high as 25% in recent years but the property market goes up and down in cycles.

You have a number of obligations as follows:

• Repairing covenants: under the Landlord and Tenant Act 1985, the landlord must look after the structure and exterior of the property and the installations for the supply of services (gas, electricity, water, sanitation and heating). The landlord should also look after the roof of the property, drains and gutters.
• Gas safety: under the Gas Safety Regulations a landlord must have any gas equipment at a property inspected annually by a CORGI registered plumber and provide a copy of the gas safety certificate to the tenant.
• Furniture, electrical equipment and general product regulations: these regulations require furniture to be fire-resistant, and all electrical equipment and other items in the property to be safe.
• Covenant of quiet enjoyment: tenants should be able to live without any interference. The landlord cannot enter the property without the tenant's consent (except in an emergency), should keep the property in a proper condition, and should not do anything or allow anyone else to do anything which would affect the tenant's rights e.g. cutting off any utility services to force a tenant to leave.
• Insurance: the landlord has an obligation to insure the property building but tenants are responsible for insuring their own possessions.