Thanks for the responses all.

In assessing how negatively geared my property will be, are there many more significant factors other than:
1) rental income
2) interest payments
3) property management fee
4) council rates
5) body corporate rates
6) letting fees

It would be good to get as clear an estimation as I can of the property's cashflows as early as possible.
At the moment, I have only done a high level assessment against my current disposable income and I'm quite satisfied that things should be alright.

Also, I assume it is only advisable to take a 90% lvr with a 100% offset if I believe I can find another suitable IP in the near future? In the current environment, I'm a bit wary of picking a bad property.

ggbeh