Looks like these properties are in the middle of nowhere anyway.  Not very useful as investment properties to me…

Indeed.  Remember this is just my opinion.  There will be many other opinions out there.  I just think getting all excited about the presence of the pool when there are major concerns about the house itself is a strange ordering of priorities

Personally, I would not consider the presence of a pool to be more important than the structural integrity of the actual main residence.  Have you thought about getting a house that doesn't have termite problems and doesn't have a pool, but has space to install one? 

Here is a rough guide of pool installation costs
http://www.improvemyhome.com.au/articles/swimming-pools/swimming-pool-prices-the-cost-of-splashing-out-on-a-pool

You would need to do more homework on these costs, and I would assume it would not include paving around the pool, installing the pool fence etc

This is worth a read http://www.realinvestmentproperty.com.au/renting-by-the-room

Looks like to understand fire regulations etc, you need to search for requirements for boarding houses

I have previously seen ads for what looks very much like rooms in such properties advertised on http://www.domain.com.au in the Brunswick area.  I'm really keen to be kept in the loop on this one if possible – [email protected]

Don't know any estate agents – but maybe you could also take a look at the corporate rentals sector.  Not sure how you'd go about this other than through estate agents – it is a bit tricky to expect to march into big corporates and ask if they fancy renting your flat from you such that their business people can use it when necessary.

5) Page 1 of the following document says of the First Home Owner Grant: "The grant applies to residential dwellings only and does not apply to vacant land."  http://www.osr.nsw.gov.au/lib/doc/factsheets/fs_fhb1.pdf  Have a read of the "First Home Plus" scheme on page 2 which talk about alternative assistance you can get for vacant land.  Basically it says that you'd pay no stamp duty on vacant land up to the value of $300k, or you'd receive concessions on stamp duty on land valued between $300k and $450k. (Page 3 shows how to calculate these concessions.)  Reading between the lines, it looks like the provisor would be that within 12 months, you'd need to have constructed  the home in a sufficiently timely manner to allow you to reside in the home for 6 months (within the afore-mentioned 12 months).  This is unclear in the document – you'd call to clarify.

7) I would ask which estates they've built nearby, and ask for specific addresses.  Do a lot of drivebys to see what you think of the exteriors, and even knock on a few doors – compliment people on their lovely homes and ask them if they care to comment on their experiences with the builder (ie if they would recommend them or not).  I did exactly this.

When applying for the loan – I think you'll find that the fact your parents are prepared to pitch in $1000 a month won't be included in the equation.  The only way to factor that in might be for them to be guarantors of the loan which they might not wish to do, as it can put there current residence at risk if you default on your payments.

I think you will find that the bank wants you to pitch in 10% deposit.  So on the land alone, that means $25k.  You'll then need a thousand or two for solicitors & conveyencors.

Just to state the obvious – the presence of a caravan at the rear of a property can give it a "poor" feel, and this could influence the quality of individual that stays at the boarding house. 

Firstly, speak to your own accountant about your own situation.

My understanding is that once you are outside of Oz for 6mths or more, your income earned overseas is not touched (if there is a suitable tax agreement in place with Canada). 

The investment property income will be taxed in Australia at 30c in every dollar.  You cannot rescue your cash by sinking it into superannuation.

You'll have nothing to negative gear your property against – if it makes a loss, the loss gets carried over and can be counted in future tax years (not sure how long you can carry the loss for – look into that).

Sounds like you plan to sink a fair bit of money into this one basket – I'd suggest talking to several estate agents to get an understanding of how long properties are taking to sell in the area (on average), and how many have remained on the books for ages…