The other issue if there is structural work, you do not own the building. If there is so much as 1 mm of settlement affecting any other property within the strata scheme you may be sued for undertaking unapproved work, being an unlicensed builder, carrying out building work without authorisation etc. The body corporate may also need to approve any work within your unit esp the removal of walls – you may need to pay their consultant's fees for the consideration/review of the plans.

If you are unsure where to start, engage a valuer – they have the resources to research sales (via RP Data etc), undertake searches at the LTO for registered leases, connections with agents/managers/owners etc. The quality of the report, the detail of the information provided are indispensible providing that they have been briefed correctly. This info may not come cheaply, I have been quoted $12K+ to get a market rent (I am particular about who I use) but stuck with a very tight timeframe (reflected in the val price).

As for free information – virtually non-existant, you will have to develop networks with leasing agents or do the hard yards yourself talking to tenants (discarding their bs) or undertaking searches ($) – not all leases are registered so it is not a simple task for the unannointed.

One off $8k gain, long term 25% rent reduction. It don't take long to come out behind unless you have a new property on an extremely low rent base.

Could I suggest complete your undergrad degree, get a few years experience in your field, then attack your PhD (all that acedemia without experience is worthless). Combine your PhD with a scholarship, a gig lecturing/running tutorials to supplement your income.

Yes if the work was unlicensed, however there is nothing stopping your partner and yourself taking turns at being the licence holder.

If the property is in a coastal/humid area – forget about it (water evaporates more slowly in a hmid environment). If you are away from the coast (the manufacturers have charts to indicate the best locations for evap cooling).

Yes they are cheap to run, they are simple so quality does not vary much brand to brand (unit is comprised of a rotary fan (drum), straw filters and a drip tray). Quality varies once you are talking about the larger commercial units.

Cutting down the cabinets is the easy bit, how do you intend to handle the doors? (unless they are plain they will need to be specials)

There must be a reason that there is very little virgin earth in the CBD of any city – maybe, just maybe, that there is more to property investment than owning a scarce piece of land surrounded by improved properties.

The lowest level of risk is possibly owning a vacant site (this also yields the lowest return ie land rent) however when you expose yourself to a higher level of risk, through the development process, you gain both the return on the land as well as a return on the asset. The greater the development potential of the property, the greater the total return.

Basic development theory declares that if you pay too much for the dirt, the rest of the project is immaterial. So sure, you can invest in a vacant site but if you do, you must always buy it at the right price and have no expectations of a return other than a capital gain at some point in the distant future.

There are a few issues to consider – as pointed out above, if it will cause the loss of other tenants and greater vacancies your may decide against it, secondly – do you have a moral objection to this business? Will council permit the usage (severely restricted by location & zoning)?

Generally go for a net rental – like brothels, they prefer minimal intervention by the owner and will look after their own maintenance (they prefer to use their own contractors who do not feel intimidated by the surroundings), once established they remain in the premises for a long time due to difficulties in relocating.

VG prices for unimproved capital value cannot be used as a gauge of property prices on face value unless you have a good understanding of the model used, bulk valuation scenarios and the information (sales) which were analysed and adjusted to establish the ucv. VG puts out its values every 3 years generally,( 4 in country areas or areas with few sales).