Apartments in this price range are usualy Student Accomodation or Serviced Apartments and over the last number of years (like almost forever) apartments in this category have shown very little Capital Growth.

Difficult to tell not knowing the property or the extend of the work required and/or what the quote does cover.
Edit: just seen your last post $30k doesn't sound to far off, can depend on your area

As a guide my GF did a similar exercise about 4 years ago and that cost about $60k including bathroom fixtures & plumbing etc. 
This did include better quality fittings & tiles etc and was a Victorian Period home

As always I would suggest obtaining a number of quotes, preferably with builders that can quote on the whole job inc plumbing & fixtures.

You can choose the fixtures and advise the builder who will be able to get tham at trade prices

Your unit may have increased in value sufficiently that the Guarantee is now not required and therefore your parents can sell the property without any problems

Best to call and speak to your lender/bank and ask what their requirements are, they will probably wish to undertake another valuation to establish if you now have enough equity/security in your unit alone.
I would also guess that the principal amount of your loan would've reduced as well

Make sure your parents obtain a formal release of Guarantee from your lender

May depend on which State you're in but if you end up owning both properties you should be able to join them by knocking a doorway/corridor through, maintaining the structural integrity of course. You should also be able to consolidate the title into one in need.

Talk to your local Council for any planning restrictions etc

However you must only go for the purpose of property inspection/maintaince to claim Travel expenses, no holidays allowed 

http://www.ato.gov.au/individuals/content.asp?doc=/content/00205421.htm&page=7&H7

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If the main purpose of the trip is a holiday, you can’t claim the cost of getting there – you can only claim local expenses directly related to inspecting the property, such as taxi fares and part of your accommodation expenses.

The records you keep, such as invoices for your accommodation or airline tickets, will help you do this. If you spend six or more nights away from where you live, you must keep a travel diary or similar document that shows the dates, places, times and duration of your activities and travel.

I assume your looking at buying a property in Victoria as a Section 32 relates to Victoria

Normal process is that the Vendors Conveyancer/Solicitor prepares the Sec 32 'Vendors Statement' this is a standard form and should include:
Services that are connected or available ie: Gas, Water, Power etc
Amount of Annual Rates and/or Body Corportate Fees – note some Conveyancers/Solicitors provide 'estimates'
Wether the property is mortgaged and to whom
Copy of the Title, which may include land measurements and maybe (should) a copy of the Plan of Subdivision or Strat Plan which will have property measurements 

A Section 32 will not normaly inlude a surveyors report as these can cost around $1,500-$2,000 for a typical suburban block. If you have any doubts as to the location and/or fencing you should arrange for your own surveyors report to be conducted

If you are not familiar with a Section 32 statement you should make a specific request that your conveyancer/solicitor vett this statement, they should be doing this anyway but often will just assume that your okay with it.

You may wish to make the Contract subject to: Satisfactory Building inspection, Pest Inspection, Surveyors report and/or Finance, the reports will be at the purchases cost.
The normal time limit, in Victoria, for these is 14 days from date of Contract, and at the expiration of the 2 weeks the Contract may become unconditional if nothing to the contrary, as a result of the above conditions, is reported to the vendors agent and/or their conveyancer

The deposit, usually 10%, however may negotiate to 5%, is paid at the signing of the Contract as this will 'Hold' the property until satisfactory Inspection/reports/Finance is obtained.
If you don't sign a Contract & pay a deposit there is nothing to stop the vendor selling the property to someone else while you are incurring costs of Building/Pest Inspections and/or surveyors reports

With your voting power it may depend on which State and/or the Body Corporate rules etc as in VIC you will actually need 75% of the vote and not just a simple majority to instigate some changes and for most 'major' works/renovations 100% is required (other than necessary repairs etc).
I don't think you'll have much of an issue with practical considerations like tap washers etc. As previously posted it can be a political game and you don't want to get the other owners 'offside'.

Of course your Unit entitlement may or may not give you this 75% but I would assume that with only a possible 3 out 6 of the apartments this would be unlikley

Exit Fees and Fixed Rate Break Costs are not the same thing.
If you wish to exit/refinance a Fixed Rate Loan you will still be liable for any 'Break Costs' that may be payable

Sure some exit fees are excesive but as others have said costs maybe recovered by increases in other fees and/or rates

Disclaimer: I do work for a non-bank lender (who have now removed their exit fees on any loans funded since 1/7/2010) 

You don't need to instruct or engage a solicitor or conveyancer until your offer has been accepted so should only pay these legal costs for the property purchase you are proceeding with.

The legal costs are usually paid for at settlement and are often part of the disbursements/settlement funds

You indicated that you don't have enough equity in your property as yet for ING

If your LVR (Loan Value Ratio) is greater than 80% you will probably have to pay Lenders Mortgage Insurance (LMI) again so insure that you factor that premium into your refinance costs

You may or may not (depending on lender) receive a rebate if you have paid LMI usually only of the policy is less than 2 years old. I recall a thread sometime ago when another poster mentioned that the CBA does not give a rebate on LMI paid

Make sure you do your sums as it may take 12-18 months or even 2 years to recover the costs associated with refinancing