Thanks for your advice Jamie.

What you have said is the only reason why we haven't put it up for sale.

The thing I keep thinking is that its a small country town and whatever research I do seems to point out that it will be a while before any growth happens.

It was our first IP and reno job so it was great experience but we are wondering if we sold and bought in Melbourne we might be able to get the growth a bit quicker.

Plus, we are renting and the idea of living in a home we own (even whilst renovating) is very appealing.

Our goals have kind of changed too, we are wanting to live in, renovate and preferably sell and repeat to build up some cash.

Thanks for all your advice everyone, I appreciate it.

Does anyone know of any regional areas that might worth looking at? I've looked at purchasing Terry Ryder's hot spot reports and so on but I'm not sure if that's the right avenue to look at.

So ultimately, we are looking at buying a property to renovate, add value, put tenants in it and then hopefully be able to use equity gains to go again.

JacM – we have a fair bit of annual leave that we can use to get the renovation done. I have read about how to calculate your profit from a renovation by adding your purchasing costs, holding costs and so on before determining your profit – do you know of anyone/company etc that maybe sells spreadsheets or something similar to help work it all out quicker before the purchase?

Thanks for your input tvproperty, sounds like you are doing exactly what we want to do. Do you mind me asking what areas you look at? Do you live regionally and are you close to your projects? Do you do a lot of the work yourself or do you project manage most of it?

Thats a good point you make Scott No Mates, I suppose if we aren't looking to sell until the long term it shouldnt matter too much should it?