Australian Living overseas looking to invest in Oz

I’m an Australian Citzern living in Europe and with the devaluation of the

A$ and the market of houses dropping (maybe) Im looking at investing in a couple of property investment in the Melbourne CBD area (was originally from

Melbourne), ideally in the new Docklands areas. Initial investment property

would be around the A$400K-500K, with the hope of making a second purchase in 2010/11.

I have spoken to 2 mates who already have beneficiary trust for property

and share investing and they recommend this the best way to go.  Ideally I

do not want to negative gear these properties as I have no other income to

offset it at the moment.

I have not asked my friend for details as guess how they set things up

would be for them personal and do not want to go to deep. So what should I

be careful of as an Australian Citizen with non residence status? As Im

looking at being over here for a while yet the idea is to slowly build up

an asset worth in Australia for my children should they go back or we

retire down there (which will no be for another 15 years or so).

I will be organizing a visit to an accountant and legal consultant on my

next trip to Oz, hopefully mid year but wanted to do some researching

first, also need to find an accountant and legal firm with a good

reference.

I have good connection here with an international bank so I will also check

with them if and how they can help me but already know that they will not

give a mortgage for property outside the country I live in but will give me

a reference to give to a local Australian bank.

So the Questions are really about how to best proceed with or with out the trust and does anyone have good links about market value and such in Melbourne area. 

Another point would be a question about the investment places Im looking at are mainly 2 bedroom flats in tall building most have swimming pool and gym so no doubt there will be corporate cost what else do I need to watch for? Im looking at these as I live overseas and have no real family contact to look after maintenance of a standalone house and such, I thought these would be worth looking into.