This is unfortunate.
If you have TRS on your Home Loan you will loose that.
.......
This is not as easy a business as some people might think.
Above all be very careful with Tenant selection. Try a tenancy for 5 months first and if everything is working out you can continue the Lease.
Good luck
Absolutely agree with the last two points by Dermot.
If you rent out your home, do not expect to get it back in the same condition (even including fair wear and tera) as it was when rented first. Furthermore there are a lot of regulations as regards tenants' rights and landlord obligations, In the event that a tenant is in breach of his obligations, it could prove extremely costly - I would recommend that a landlord has sufficient cash in hand to cover at least 6-9 months rent to cover any mortage payments should a tenant get into rent arrears. It could easily take this amount of time to get a tenant out and little real likelyhood of getting all the arrears paid up.
If a landlord has a "decent" property, I would suggest starting the tenant on a Part 4 lease of, say, 3-5 months. This way, if thge tenant is problematic, the landlord may evict the tenant with 28 days notice and no reason required. Once the tenant has been in the property for 6 months, he acquires Part 4 rights which allows him to stay in the property for up to 4 years without a new lease and the landlord only option to evict is by using one of the 6 grounds as set out in the RTA 2004.
If both the property and the area are "good", although the tenant may vacate wit 28 days notice, he would be unlikely to do so.
Follow an "introductory Part 4 lease" with a fixed term lease before the tenant acquires Part 4 rights, with relative certainty that the tenant is reliable. Obviously, initial referencing checks should still be carried out as these are indispensible.
Another way would be to have a well worded break clause in a fixed term lease, which would give the option of terminating the fixed term by either party, say at the 3 month mark. However, a bad tenant could cause a lot of hassle during the 2nd and 3rd month. So, my preference would be start on a short Part 4 and then go for a one year fixed term.
Obviously, a landlord with a problematic property (dubious heating systems, white goods, mould in property, poor BER rating etc.) this 2 stage format would not be suitable as the tenant may vacaste with 28 days notice whereas with a Fixed term lease, the best the tenant could do is assign the lease..