Newbie to PRS?

Firstly, I would never buy a new build. Like a new car they lose value very quickly in the early years. The service charges are very high and as has been said, the management fees can be high and also can escalate.
Secondly, I would only ever buy a Freehold property. Even a shared freehold can be a problem if the other shared freeholders don't agree on stuff.
You will need a large contingency in case of unexpected events, as has been said above so you can't invest the whole amount. I would say you'd need to hold back at least £50K.
I used to think that bricks and mortar is the main thing but after 8 years in this business, I am selling up. The future is bleak for BTL. It has been very stressful and I can't wait to get out.
With current high interest rates you can do much better with medium fixed term savings accounts.
I don't know your current position but it might be better to invest in upgrading the property you live in and I assume that is mortgage free. If not, paying off that mortgage is the first thing I would do.

Stay well clear of the rental market until we see what a labour victory brings. It’s no way as enticing as it was.

You would be better off investing in the share market. A share like NVDIA Corp has given me much better returns and a share can be classed as passive income. Personally, as an offshore BTL landlord in the UK for the past 15 years, I can testify that the experience has been mostly depressing. Granted we bought into leasehold without fully understanding the antiquated regulations but presently the service charges equal 4 months rental ie the returns haven't quite met expectations and this is on what was an off plan purchase in a highly regarded development in Greenwich directly overlooking the Thames. Add to that the nightmare of red tape, very protected tenants, refurbishing your property almost annually, ground tax, agents fees and the exhausting and costly process to evict with no assurance of ever recouping losses from said tenants and you will appreciate why we have one last unit to dispose of before exiting this industry with great relief. There are better and more rewarding investment options than being a low paid serf to an uncaring government intent on making it ever more difficult for you in the future. Invest only where you have full control of your possession.

As a landlord of 17 properties i would not be investing in the PRS if i had the option. Compliance is expensive , finance is expensive , CGT is expensive, general maintenance is expensive, capitol growth is not great, its a minefield of laws and responsibilities, renters reform bill and a new labour gov't are grave concerns. Invest at your peril, there is no easy money in BTL. Do not buy flats or leasehold they are more problematical to deal with. above all good luck, i can't wait to get out .

Welcome to the world of property investing.
You've started the right way by canvassing opinions before you take a leap. That said, you'll find that opinions about the PRS are divided, diverse, wide and contradictory based on the experiences, locations, knowledge and position of respondents. Generally speaking, there is hardly an absolutely right or wrong opinion; as what is right or wrong depends on many factors.
As an experienced investor with a sizeable portfolio, I'd point you to the following as things to do and avoid.
1. Do not dive in without doing a lot of research into general knowledge, location, legalities of being a landlord etc.
2. Do plenty of background learning by purchasing and reading good books like Robert Kiyosaki's Rich Dad Poor Dad and other good property education books to start with and then keep learning from platforms such as this.
3. Do not put your money into paper assets i.e. shares, ISAs and stuff like that where control of your money is taken away from you my advisers, fund managers etc. That is an antithesis to serious wealth creation. There is a long list of reasons for that which I won't going into for now.
4. Create a clear plan and goals of what your desired end game is for your money and future and then work backwards. That'll given you answers to where to invest and how to invest the money.
5. Do not get sucked in by property gurus who will sell you course, webinars, seminars, mentorship etc as many of them are sharp suit confidence tricksters / scammers.
6. Do not invest in leasehold flats. Please don't. They can become very problematic and costly.
7. If possible, invest close to where you live.
8. Do not put all your eggs in one basket.
9. Etc, etc.
Good luck although you create your own luck.

Don't do it

Reply to the comment left by David at 16/01/2024 - 10:54
I totally agree with this. We have all the shares you mention in our ISA's plus some slightly lower yielding ones like National Grid which yield just over 5% but regularly increase the dividends.
If you really have your heart set on a property investment I would recommend you have a holiday let. Get a freehold property and not leasehold. Far less rules and regulations. No problems with tenants that don't pay. Any loan interest is fully tax deductible at your highest rate on income tax. When you have had your holiday let for a minimum of 2 tax years you can sell it if you want and you get BADR, Business Asset Disposal Relief and pay only 10% CGT.

I'd consider renovating. Buying at auction, freehold only, renovate and flip it or rent it out. You don't need to borrow given the cash amount available . Holiday lets can be very rewarding with hardly any risks . Do your homework on areas re sell on prices , rental prices etc and you'll build wealth and a very good portfolio without going into any debt.

I would look at somewhere north where you’re able to buy 3/4 houses (Brr).
Maybe Leeds for example lots of redevelopment happening there.
Set up a limited company to purchase them with for tax efficiency reasons.
The other alternative investments in property HMOs or SA could be a good investment but this involves alot of your time unless you have automation plans in place or use a company which can cost alot.
I still think property long term is still a good investment.

Property is easy to understand and you can borrow against it and increase long term returns.
If you just want an income and don't want a mortgage, don't buy property because you can get similar returns without the long term commitment.
Be very cautious of anything residential, but look at holiday lets or commercial property.