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To give a cheesy analogy, you can't plan a route unless you know where you're starting from.Working out your starting point is the easiest part, because it involves information that's either known or easily knowable to you.If you save up the rental income for 10 years, you'll be able to buy another batch of properties just like the first – so you'll now have income of £1,666 per month.
But take it from someone who’s spoken to a lot of investors over the last few years: almost everyone who achieves great success started out with a solid plan.
(Or to put it another, more painful way: almost everyone who start with a plan ends up disappointed with where they end up – however much effort, money and time they put in.) So…
I suggest having at least six months' expenses in the bank at all times: the last thing you want is to plough every last penny into investments, then lose your job the next day and be unable to pay your bills.
So now you know where you're starting from, where do you want to end up? And just as importantly, when do you want to have achieved that?
You could just use your £10m to buy properties, anywhere – you wouldn't need to maximise the rent, manage them well or even keep them all occupied at all times!
Apartment Business Plan
You'd be able to buy so much property that you really couldn't fail.
A broker will also be able to tell you about your options around releasing equity from your own home, if that's something you want to consider.
I'd also strongly encourage you to consider what “emergency fund” you want to keep in cash, and deduct that from your total investable funds.
That's a great start, but for most people it'll produce an uncomfortable insight: the gap between where you are and where you want to be seems impossibly large!
With the resources you've got now, how are you possibly going to reach your goal in a sensible period of time?