When Wade and I married, we each had a house, but mine has a two-story barn (all men eye that barn enviously) and it's bigger, so we live here. For the first couple of years we rented his house to his sister, and that was fine except for the midnight maint. calls and assorted expenses landlords have to pay. We rent it to a family friend now, and he takes care of all the things sister used to call us for, so all is well...but...if he fell off the edge of the earth, that house would become a financial liability quickly, and it is not going to be an easy sell despite a prime location. (We do not have first & last & a security deposit, nor do we much in the house fund, period) We are looking into refinancing to get locked into lower mortgage rates right now, but it is worrisome, because Wade's company just instituted pay cuts and benefit reductions, and laid off a good percentage of the work force. Our area's economy isn't good right now, and even when they reduced his pay, Wade said, "I'm lucky to have a job." My warning is that even if the house is paid for and unoccupied, it will still generate expenses, like utilities and taxes, so if you plan to sit on it for awhile, make sure you get good tenants you can trust, and establish a fund to cover exploded water heaters and other unforeseeable costs.
Johanna