Hi there, IMO commercial property is the best option to be in for a number of reasons.
But firstly to answer your q's on when it is vacant i always look at a vacancy as a good time window for you to get everything back up to shipshape and do some renos or improvements.
In most cases you cannot do these things once the tenant moves in.
So get a signwriter to fluoro paint a to let sign on the window, with your mobile no on it.
Go to the local real estate agents and get one of there sign boards to place inside the window.
(you have the right usually to have his to let placard placed into the window up to 3 months before a tenant vacates your premises).
Just remember that an agent will usually charge you up to 4 weeks rent to find a new tenant for a five year lease. This can include drawing of a new REIV lease.
Additionally, if you want the agent to manage the property for you he will charge you approx 7% for collecting the rent.
so factor all these costs into your lease rates if you are doing it this way.
I prefer to have my own leases drawn by a solicitor, and pay for it myself. (usually costs around 380-480 for a Law Institute one,which has been tested and proven)
Now that there is no Stamp Duty on leases it is worth also always getting a new lease for changes in tenants, rather than a lease assignment, which is not as clean.
You can also place ads in the local papers yourself if you wish and want to be involved directly yourself.

So when vacant get the place spuced up,painted in neutral colours, remove all rubbish,fix all locks and door repairs, service your Heating and cooling, water, gas, electric, phones,add extra power points, etc have the roof checked and get the spouting and downpipes cleaned/fixed.Do not replace floor coverings, at this stage, but make sure they are clean.
Lastly get the whole premises cleaned by a professional,if you are not wishing to do it yourself.
This especially means the walls windows and Toilets and sinks.
Show the tenant that you care.
Once you have a prospective tenant, you can neg about the floor coverings,vis a vis,any free rent period etc.

By having the maintenance, and any improvements done to your property whilst it is vacant will enhance its appeal to a prospective tenant, and allow you to negotiate a higher rental amount.

Remember many of these things are improvements to your property, which means that they are removed from the capital base when you later come up for payment of capital gains tax at some later date.

Tenants usually pay for all outgoings, including landlords building insurance, so make sure you know which is the best insurance for You.
There are savings to be made on insurance if the business insurance and the landlords insurance are with the same Insurance Broker.

Finally it is your choice, how close you want manage of your property. Or you can set and forget……..

Enough for now

All the best

Bax