What would you do?

A low risk/benefit idea would be to rent the house out and then use the rent money to pay a mortgage on a small flat (or just rent a small flat and pocket the difference).
 
Personally, if I had somewhere else to live, I'd rent it out.

Otherwise, I'd live in it whilst putting what would have been spent on rent/mortgage into an account for a deposit. I certainly wouldn't mortgage it to buy more property.
 
I'd live there personally, what an amazing way to get onto the property ladder and if it has potential of letting out a room to a friend he could even work it so his bills are payed leaving his income purely for leisure!
 
It takes money to make money and all that. If he's still young and thus living with his parents wouldn't be a bit odd, then I'd go with selling the house and investing it in other property and dabble with some shares. Of-course your friend needs to have some knowledge and know-how. If this is all completely new and alien to him then taking advise from people other than your Lamborghini recommending friends would be advisable.
 
Rent the house out, use the income from that to pay mortgage on smaller place - and live in the smaller place.

Could do it other way round, but you'll get more rent from the house, and need a smaller mortgage for say a flat.
 
live in the house, get other people to rent the rooms for a cheap price with water, gas, electricity and access to wifi all inclusive so long as it is within reasonable amount of usage. Whilst doing this, get a mortgage and from the income you're getting for the rooms being rented and the high income hes already apparently getting, he should have no problems getting another property. That's what I'd do anyways, but what do I know eh? I've never owned or mortgaged a house :p
 
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