More discussed about depreciation schedules here 

https://www.propertyinvesting.com/forums/help-needed/4346276

ATO give property a lifespan of 40yrs (i think) and varying spans for other fixtures & fittings so you can claim depreciation annually and save far more than what the schedule will cost you

You sound very calm I’d be livid!
Can you get some expensive quotes for cleaning/repairs/re-decorating etc then simply do the work yourself when you eventually settle?

It wouldn’t be negative press, just give an account of your experience with them. Good or bad, its what this forum is for. They can always post a response.

Isn’t positive real estate Sam saggers who’s featured a lot in PI magazines? Thought he was supposed to be a bit of an expert

Who was that with Wayno sounds a bit like Steve’s earlier in the week!? I didn’t think he was too bad found some of it interesting. Had to leave early though he went over a bit and I had to be up at 5.

(This is a response to the other post you made too)

To be honest, It doesn't sound great.

Not sure if it's a slight tax (stamp duty) dodge buying below market value like that then paying it back later. Unless you pay stamp duty on the market value. If you're a first time buyer you might qualify for the stamp duty concession and first home owner grant but not sure if they still apply when buying through a trust.

If you can't afford full market value now, how do you think you could afford to pay the difference on their deaths? What if interest rates rise too? What if the value falls? You will owe 100% of the properties value!

What happens when you own it, they rent it back from you? Will you put the rent up when it's due without upsetting people? Would they be good tenants ( joking )

Is it in good condition and in a good area with strong capital growth and low vacancy rates? Is it a type of property that is in demand with both renters and buyers (easy to on-sell later)?

Are there any major plans for development in the area? Are jobs being created in the area? Is the population rising in the area?

Is it close to transport, schools, shopping center, university etc?

Are you just trying to buy it for the sake of buying a property!? Would Dymphna Boholt buy it?

Why don't you have funds for a deposit, if you're parents are in their 80's i'm guessing you've been around/working for a few years too (no offence)?

FYI I bought my first property alone and by making sacrifices because I don't earn huge amounts of money (I quit smoking, drinking and didn't holiday. sold the Audi and bought a getz etc. etc) and working my arse off for 7 days a week doing as much overtime and private work as I could until I could afford the deposit for a derelict victorian cottage. Then I worked my arse off even harder for a couple of years gutting the place and renovating it from top to bottom inside and out in my 'spare time' (it would've been easier to build a new house..). Once in I rented rooms out individually to increase my cashflow which meant I could save quickly for the second place which surprise surprise, needed no reno work doing to it! They both pay me good money every month and now i'm looking for no.3 and have the funds ready to go for that. I'm not gonna rush in because that's what I did with number one and it took a lot of work to turn it around. It was a good lesson. I want this one to pay me more than the other two put together. Each time I buy, I have to buy something better than the last.

SET YOUR OWN GOALS

If you put your mind to it you'll be able to buy your parents house but make sure you're doing it because it's an excellent financial decision for all involved and won't cause any arguments with your siblings now or when the worst happens. I suspect they could be better off downsizing if that's an option and they could clear their debts. If they have money left over they could lend you a bit. Remember it's got to be paid back though, and is no different to saving it up yourself.

DO WHATEVER IT TAKES

Either way work harder to pay off any debts, go back to school, get a part time job or work towards a payrise/promotion at work so you can earn more. Look hard at where the money you do earn goes and make some sacrifices for a few months. Buy a cheaper car that burns less fuel. Cycle to work or get the bus. Buy cheaper brands at the supermarkets for eg. Have a garage sale and sell all the stuff you haven't used for years. Put all your money in the highest paying savings account you can get and use a credit card for day to day spending but pay it off in full every month. You'll get 56 days of interest free spending and your money will stay in the high interest account for longer, paying you more interest. Each month try to spend less on the credit card than you did the month before. You'll learn to be disciplined with your money and how to budget too. You'll also make a better decision investing money you've saved/worked hard for yourself and appreciate than money that was real easy to borrow off your parents. 

Get property investing books from the library to read and make notes every time you read something that is particularly useful to YOU.

In a few months you'll easily be able to get a deposit together and then search hard for a property that satisfies the goals you have for investing. When you've found one don't buy it, instead use it as a benchmark and go out and search harder for an even better one! Then negotiate hard on the price, and get as much stuff thrown into the deal as you can. Be prepared to walk away if it doesn't stack up.

Good luck, go get that cheese..!

I personally don’t like any of those numbers and wouldn’t even consider it. You could buy several properties with that sort of deposit.

Also;
‘From my calculations my repayments/incurred ongoing costs would then be roughly $3200 per month (bank repayments & rates/levies) rental will bring in $2383 so i will be out of pocket about 800 per month? of coz this set up would mean the rental incoming is more than the interest and would be positive geared.’

If you’re out of pocket 800 a month you’re negatively geared not positive. I wouldn’t put more than a 20% deposit down which is 120k on a 600k property and for that you should be able to find something that costs a lot less to hold. Could always put the extra 80k in an offset account so it serves the same purpose but doesn’t cost you tax wise.

I could be wrong but In WA I think to qualify for first home owners grant you need to live in the property for a certain amount of time within the first year and stamp duty concession only applies up to 500k. Check those in your state?

Also tenant will be responsible for paying the gas bill.

What are established apartments going for at least with one of those you could negotiate the price down and even get some furniture/appliances thrown in?

If the insurance is more expensive that says it all, its higher risk.

What a nightmare.

Name and shame the property ‘investment’ group? This thread may even come up in search results if other people thinking of using them search online for information (or dirt..) about them before ‘investing’…

OK here goes..

You originally took out a loan to buy a property. I assume it was P&I (paying off both the principle and interest)

The problem is over the years you paid off a lot of the loan. Super duper if you are to stay in the property forever, not so great if you intend to rent it out.  

Then you re-borrowed a lot of that money. NEW borrowings.

Now instead of using that to buy an investment property with which juicy tax benefits are available, you intend to use that money to buy a home to live in, or use it for lifestyle expenses. NO tax benefits for this type of loan – it is BAD DEBT! The type that makes the banks rich and the average Joe poor.

Because you didn't borrow the money back to invest with, you have to pay the interest yourself instead of letting a tenant do it for you.

Originally, you should of had an interest only loan with an offset account and paid the extra monies into that. Using a credit card for all day to day spending but making sure you pay it off in full every month (never incur interest on it) helps leave more of your money in the offset account for longer as well. This way you never actually pay off the loan, just put as much  savings/overpayments in there as you can to  'offset' the loan balance – which saves you lots on interest costs meaning you can save/build up funds faster.

When you later on pull all that money back out to buy a PPOR or for lifestyle expenses the loan amount goes back to where it originally started and is fully tax deductible when you rent the property out, negatively geared or not. NO NEW borrowings just the same old loan from day numero uno.

This is because, again – instead of paying off the loan, you just temporarily lowered it to lower the interest repayments.

If you rent it out now then as far as the ATO is concerned you will be highly positively geared because there is only a $50k tax deductible loan on the property, the rest of the loan is your own for personal use and therefore paid off at your own expense – no tax benefits for this type of loan.

Can you stay in the unit, and buy another investment property instead? You're not far from paying off the loan entirely at which point you'd be in the enviable position of having no ppor debt (bad non tax deductible debt) and only investment property debt – good because you can offset the costs of the interest.

Make sense!?

I hope that's right anyway or i'm way off too!!

Don’t know if they sell them here yet but in the UK you can get carbon monoxide alarms that look identical to smoke alarms. Well worth the money..