If you have done your due diligence thoroughly, there should be no problem finding a tenant.  We come from the school of "find the demand first, and then create the supply".  You can research areas on the internet, speak to local letting agents, and place mock advertisements on www.gumtree.com and www.easyroommate.com to see if you get any response.  If not, your rents are too high, or there is not much demand in the area!

If your property was purchased below market value with a competitive mortgage product, your rent should be competitive, making it attractive in the market place.  However, if you have trouble finding a tenant it may be prudent to reduce the rent a little bit initially to get a tenant in.  You can then look at increasing the rent after 6 months.  It is better to have 80% of something than 100% of nothing!  It's a false economy to hold out for an extra £20.00 per month!

We always recommend having a contingency fund of a few thousand pounds to help you through these periods.  Bear in mind that certain times of the year are busier than others for rentals.  It might be hard to find a tenant just before Christmas and during the summer holidays. 

Ensure that you or your letting agent market your property with good descriptions and ensure you have professional photographs that show the property at its best.   Most prosepective tenants decide to view a property from the photographs, so it is vital they are of a good standard and show each room.