But a valuation will only help in establishing the value. What is needed is proof of costs to help determine the cost base. These would be totally different.

There are rules for when this happens – ‘dog ate my homework’ type rules where people lose receipts etc. It will be especially difficult for an owner builder.

I know an old multi millionaire like that. He repairs his own underwear.

Lawyers can't even estimate their own costs, so they wouldn't be able to help.

With tax you have to substantiate your claims. If you don't have receipts then I don't think there is much scope for estimating the costs. This is why it is important to keep all receipts for all properties for ever – even after you have died as your heirs will have an even harder time.

Nigel, that is exactly what happened with me. I've done one property deal where I lost money and it was because I didn't do any DD. Just let a friend build a project for me which blew out with costs and time.

Good analogy about the holiday brochures/websites too – much different when you actually get there.

Sounds like you haven't got a lawyer. Saving money on a lawyer will likely cost you a lot more in the long run.

ha ha funny people are like that. I knew a guy who spend about 4 hours ringing around to buy a camera and to save a few $$$. Then he went out to buy a juice shop and did not DD at all and just paid the advertising price too. Within months the business had failed.

No need to limit yourself to Brisbane.

There is a great aussie site out there with heaps of free excel spreadsheets – can't remember what it was called now

Inflexible.

Can achieve the same wit a trust with much greater flexibility.

Y

es it is  possible. Just borrow the deposit from the vendor. He will want to take a second mortgage over the land but titles can be transfered into your name. You can arrange to pay him in several ways – IO or PI or a one off payment on your subsequent sale.

Once you have found a buyer the vendor will attend settlement with you and your new purchaser will make out a cheque to him and a cheque to you. He will hand over a discharge of mortgage and that will be it.

Some points

It may be very hard to find the 1st mortgage lender who allows this.

It would be easier if you just avoided the vendor financing bit altogether if you can.