In your situation... I think one question I'd seriously ask, in addition to the other points already raised... what is your second house worth in today's real estate market vs what was it worth 6-7 years ago vs what it might be worth in 5 years from now. I'm guessing that you're probably in a rising market? So mabey outside of the direct economics of renting... mabey you can capture some capital gain by waiting a while and renting it until the value appreciates somewhat more? Just a thought anyhow...
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Today's Featured Article - Restoration Story: Fordson Major - by Anthony West. George bought his Fordson Major from a an implement sale about 18 years ago for £200.00 (UK). There is no known history regarding its origins or what service it had done, but the following work was undertaken alone to bring it up to show standard. From the engine number, it was found that this Major was produced late 1946. It was almost complete but had various parts that would definitely need replacing.
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