I don't know about it having to be professionally cleaned but it needs to be in the same condition you expect it to be returned in.

You can't lease out a place that needs cleaning and the lawns mowed then expect the tenants to leave it clean at the end.

Agents take photos (or should) of the ingoing condition. Are you happy to have it left like that?

We always mow just before tenants move in. Plus if it was vacant for more than a few weeks I'd give it a clean. That is how I expect it when they move out.

Welcome. Reading lots is a great start.

Have you been to any seminars? You often meet people there. Find out if there are any meetups in your area. Networking is a great way to see what others are doing and get ideas to cement your own strategy or to find out what strategy you don't want. There are many different vehicles in property.
What is your strategy when looking for suitable properties?

Just curious- how do you know the properties you have found are- (for want of a better word) good? How can you source properties that a mentor cannot?

Great info above.
 Also it sounds like it may be a serviced appt. Check that and if so check management fees and how they are leased etc.

SCA- subject to Council Approval

After 5 years just ask to stay on interest only.
 
I've never heard of anyone having a problem.
5 years is a long time. You may have enough property by then to pay them down and retire.

As above plus-
Make sure of your price both for purchase and reno and selling price? Add in extra for the reno (both time and money). Don't forget there is stamp duty, loan costs, solicitor costs (for both buying and selling), agent fees to sell. This adds at least $10,000. No use doing it unless there's a good margin in it.
 Is there a good demand for small 2 bedroom houses?

If you sell AFTER 12 months you get 50% off the CGT.

Make sure you discuss ALL scenarios. Eg what if it doesn't sell? How will you fund the reno? How will you fund the shortfall (if you rent it out)? WHO is doing the reno? eg who does what, how much time?  What experience do you have with renovations?

The more you plan the more likely you are to make it work.

xdrew that does sound inviting but hopefully people read it don't jump in thinking it's a too good t pass up offer. There are thousands of these properties in that area and more springing up every week. Seems developers everywhere there are buying old houses and knocking them down to build these things.

Vacancy rates aren't that low either. Buy at the wrong time and yo can wait months for a tenant.

Pays to do your due diligence.

xdrew- some valid points IF it is a serviced apartment.

Not ALL studios are a bad investment. Yes they are small and finance is harder to get but ones near the city are in hot demand and if you choose a good one (not in giant complexes with pools) you can make some nice CG.

It would not be my choice as a first investment though. To restrictive with the banks.

So are you looking for a mentor you can pay to teach you the ropes or a partnership (you mention partnering up)?

If the second, what are you contributing to the partnership? If you are not working I'm assuming time?

What have you done so far (if you don't mind me asking). Just wondering what the "next step" is for you.

Congratulations.

OK do tell. How did you overcome your fears? Did you use a buyers agent? I'd love to hear your processes that helped you decide this was the one.

Before you said you'd bought I was going to say look at the numbers. That's what counts with IP's. Friends say "I wouldn't buy anything I wouldn't live in myself" which is why they own nothing.