Should I invest in a property to let?

[yetanotherdaytoday]

I am about to inherit* some money. It's enough for a cheap studio flat in my town, or a 1 bed if I go a little further afield.

If I don't invest it, I could easily spend it topping up my income as we're always living one paycheck to the next, and it'd be gone in a few years.

I'm thinking about buying a small property with it and letting it.

Is there any reason I shouldn't do this? It seems to make sense to me as it'd provide a modest income, and be an asset I could cash in at some point, or leave to my own DC.

Has anyone got any tips about being a landlord? Thanks.

(*Full disclosure, my mother inherited the money after my father died, and she has said she wants to give me and my siblings a large cash sum).

Governments/local councils are clamping down on Airbnb due to the lack of housing for the locals.

Barcelona for instance is a minimum 1 month rental now. Or 2, can't remember.

did get a great 5 day stay there for free cos it had been paid for and they moved back home early

Florence bans new Airbnbs and short-term rentals in historic centre | Italy | The Guardian

Your Mum needs to take advice before giving large cash gifts as it could be seen as deprivation of assets

And if she passes away within 7 years they may form part of her estate for inheritance tax

Good, about time it was restricted or subject to higher taxation. Far too many homes are being lost to holiday lets.

I would not.

I would invest in a cash or share ISA and/or a long term saving account where you need to keep your money in place for a few years (so you are not tempted to spend it).

Letting comes with a lot of hassle attached to it and the possibility of a tenant who won't pay the rent or who damages the property.