Which mog? Pics please!!!!
With ours, if we were forced to buy our tyres new they're about 10p per mile. Fuel in the UK is about 50p per mile. If you did stay in the UK £500 won't be enough to drive around, and since theres no wildcamping in England you can't afford to stay still either  . France is better with free aires and cheaper diesel, Morocco cheaper again and maybe possible there. You may have to use a campsite in some places to fill with water, empty waste or just where they won't let you park where you want? Will you never need to recharge the camper batteries?
Is the £500 the total income, or just what you know you will always get? Our house was managed by the rental agency for 10% on top of what we asked for and was no hassle, but the occasional requirements of the tenants were unforeseen expenditure. Some friends who ran a rental agency reckoned the industry average was you would get 8 months rent in your pocket out of 12.
What it may boil down to is you can't actually afford to go where you want just because starting her up will cost you, so detours are a no-no, just shortest route please Mr GPS. Maybe work out your cost per mile, and see what your plan will roughly break down to, 150 euros per tank fill is no fun for tarmac bashing.
Personally I think I would save a bit more until I was sure I could do it? If you could pick it up and plonk it somewhere cheap then maybe?
Have you looked at the Mog bit of Benzworld too? Motorhome Facts for general Euro camper travel? Vicarious Books for Euro Aires guides? May get some info on those?
Good luck
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