Pro: You get rent.
Cons: It may take time, you may not make a profit. You have legal requirements to make the property safe, take deposits in the correct manner, (lodge with the DPS), gas checks every 12months, etc.
Tenants don’t always have the money to pay rent. Their circumstances change. They may cause accidental damage.
you don’t pay income tax from the revenue generated from a property you’re renting out but still paying a mortgage on… That can’t be true, can it?
No it’s not. But you can offset income against interest costs on your mortgage, and offset other direct expenses against your income. You’ll have to file a self-assessment with HMRC.