Ok - sounds like you’re looking to generate an income in which case I probably can’t opine on the merits of HMO. If an element of your goal is long term wealth growth then I’ve been in a similar dilemma having invested in property (but standard BTL) and seeing returns gradually carved away (tax rule changes, increased fees) to the point that it’s no better than standard index tracking funds (which I guess is what you mean by “shares and bonds in Julius Baer).