Kay there is a cooling off period in Qld, I think it was only bought in a couple of years ago.
As far as inspections why would you want to pay out for them and then find someone else has signed a contract?.
I would not blame a vendor for selling to someone else if there was no contract and no deposit.
What reason could you possibly have for not putting down a hundred dollars to keep everything in it`s rightful order?.[]

CF+ houses are great imo, but they must be in a good location, you don`t just go out and buy due to price and the fact the house currently has a tenant.
Consider if you had 100 CF+ houses, now say for instance you buy these 100 homes and get a cash flow of whatever amount, it`s most likely not going to be a heck of a lot if you were not rich to begin with, you must consider that if a decent % of your houses on average are vacant for two weeks (not to mention 2 months or longer)in the year you may have no cash flow at all, then you can`t sell or find tenants, and the place needs work, what do you do now?.
You have 100 houses in poor condition in bad areas and all of a sudden they are not generating any profit worth squat, or even worse they begin costing you money.[V][V]
You could end up in the poor house quick smart.
You have to consider this is entirely possible, it could in fact turn out much worse, given even that you made money with the market rise you could still end up in trouble due to costs etc.

I had two houses with a lot of equity which I sold and in hindsight could have waited a little longer and made better profit, but I remember the Gold Coast boom and bust of the 80`s, so I got out with huge gains and purchased a ten acre block of land in an area I wanted to live which has shown very little to this point as far as growth compared to other areas of brisbane.
Traditionally areas not hit by the boom tend to go up after the boom, this area has gone up maybe 50% in three years, whereas everywhere else has gone up 150%.
I also bought to +CF regional houses very cheaply in great locations.
I expect interest rates to slowly but surely climb and areas in Melbourne/Sydney to be hit biggest by the bust, this is no surprise but I believe many investors who bought in the last 6 months in these areas could be in for a hit if they don`t have the cash flow.[8D]

Young.learner sounds like you aren`t approaching it with the right frame of mind, are you being blinded by science?.
There are no rules as to a high yield property not giving you great CG, it`s just that generally they don`t, over the last couple of years I can think of many high yeild dumps in bad areas delivering huge capitol gains as good as anywhere.
Take every house as you find it, weigh everything up and don`t go in blinkered to what you will and will not do, yeilds and CG are pure guesswork and right now is probably not the time to get carried away with either.
Right now for anyone starting out 1 or 2 CF+ properties in decent areas and a clear head is about the best bet imo.[8D]

Kay buy a business and buy stuff for it, computer, fax machine, cars, stationary, food whatever and claim it all[^]. Preferrably a business where you have to travel to exotic locations to drum up business!.
Or buy properties in other countries states where you want to holiday and claim it all as expenses.[:o)]
I may sound like a pennypincher but the fact is I have properties in Rocky and Bundy and have gone there numerous times only to forget to keep reciepts and not claim a cent of what I`m entitled to!.
I really don`t have a head for business and I`m sure there are many ways I could have saved on tax in the past but haven`t.
Think laterally, what do you spend your after tax dollars on and find a way to claim some/all of it, whether it be expensive clothes/dining out whatever, I`m sure that`s how Packer swings it.
You can also prepay interest on property investments but make sure your lender gives you a discount for doing it or it is seen as tax avoidance, I know this is fact but can`t explain it further as I haven`t fully looked into it yet.

Have they agreed to that?, if not I wouldn`t waste time as they may feel they have gotten away with it and may sense that you don`t want a drawn out legal fight.
Good luck, but still, I would get my solicitor to write the letter asap and salvage whatever possible right away, also legally, surely there is a way you could stop them buying another house until the matter is settled.

Nothing beats hitting the road!, best advise I can give is make sure you take the basics, mobile phone, a few pens, a notebook and a map, I know this sounds lame but when you are out on the road it`s easy to forget numbers etc and who was selling what at what price.
Write everything down as soon as you see it and even a camera for photos to check out later.[]
Also get the phone number of the local council so you can phone them and even drop in usually they will answer zoning questions and just about anything about development or problems in the town/city etc no problems.

I would not expect many properties to come even close.
I have one which was spot on the 11 sec calc but I would think this would be near impossible in the cities.
Why not just think ok price is 100k, 200k whatever and rent must be double per week, that`s my one sec rule!.
For instance a 100k property would need to rent for 200 per week and so on.
Seems this would be more realistic and even more simplified.
This is generally the way I always did it.
But of course position and potential play too a big part on buying a home to get carried away with set guidelines.