Little facts I know:

1. For cash flow positive properties tax on the income depends on the state. Check both the state and the IRS web sites for more information. I believe in Florida the positive cash is not taxed like the earned income is. You do pay porperty tax and this depends on the assessed value of the property which is done in December of each year by the county. In Miami-Dade the tax is about 1.9% of the assessed value. Information about the assessed value and the tax is available at http://www.miamidade.gov/pa/property_search.asp click on Property Information and use the drop down choice for Property Taxes.

I believe the positive cash flow will be taxed in Australia. I am finding out with my accountant.

2. Regarding condos and HOA fees. As mortgages in USA are non-recourse and people lost their ability (or the willingness depending on the individual) to repay and faced losing the property, investors started to keep the money from the rent and stopped paying any outgoings (mortgage, HOA fees, etc). Some HOA reacted by implementing a policy whereby if you have tenants the rent would go to the HOA account first and the HOA will pay you the remaining to your bank account after deducting their fee. If you are thinking on a condo, do check if this rule has been implemented as well as the level of unpaid HOA fees from owner occupiers.

3. Mortgages for Aussies are 40% deposit for condos and 30% for single title or condos where each unit has its own land title (yes, there are some). The catch is that there is aminimum loan amount of $80,000. This means that for a condo you'll need to purchase something worth abpout $134,000 to meet the minimum loan amount and this means a deposit of $53,600 with closing costs of about $9,000. For $53,600 cash you could buy a nice 1 BR unit outright that could rent between $800 and $900 pm giving you 17.9% – 20.14% p.a. return before expenses. The closing costs when you don't have a mortgage come down dramatically (about $1,600). I was in the Kendall area of Miami back in July and went to check some properties at this price thinking they would need work but I was wrong. Actually 1BR units at this price are in good condition. Those going for about $40,000 most likely will need work but you'll be amazed how far 5 grand at Home Depot can take you.