A few simple tips from someone who is professionally qualified to comment;
1.Dont buy serviced apartments. They usually have onerous leases (especially around years 5-7) and often depreciate in value as the depreciation benefits diminish. They look like a residential product but they are not and are a complete nightmare for the uneducated investor. The initial return is a farce and inflated by the inclusion of a furniture package. Watch out for a massive drop upon market review of the rental.
2. Properties that promise to be positively geared generally only exist in high risk areas ie. mining towns or areas formerly underpinned by tourism such as FNQ. If you are lucky enough to maintain good occupancy then yes they can be an investment that is positively geared but you run the risk of no tenant at all and then say goodbye to positive gearing, hence the high yields….and high risk.
3. The best way to achieve positive gearing is buying a lower value property in a high rental demand area and then spend a few bob creating extra bedrooms. In lower value properties rental levels are primarily related to number of bedrooms, increase the number of bedrooms and you can dramatically increase your rental. If done right you can also add huge money to a properties overall value. I have done this many times and made fantastic money along the way. The hard part is finding the right property that you can add an extra bedroom cheaply (under $5,000) without ruining the properties floor plan. Formal dining areas in older properties just beg for a conversion to a bedroom.
4. Positive gearing is great if you can achieve it but it is more often an elusive dream. Dont rely on the fact that you can achieve it and have a good plan B.