Are they both IP's or is one of the properties a PPOR?

I would be getting an upfront val ASAP for a number of reasons. Train tracks quite be a massive issue or not an issue at all depending on the location of the property. 

I currently have a client selling her property which backs on the train line and she had 42 people at the first open house and has received 3 offers. However this doesn't apply to all properties and locations.

Also cashflow is good but I wouldn't say excellent.

You called it the persian gulf – im impressed!

Which part specifically? The building itself? Stormwater? 

Its generally the directors so your plan is a good one. Set up costs are between around $2k-$3k. Which State are you in?

80% is doable and a lot will do with the line of work and the overall strength of the application. What is the line of work?

You can refinance your property at 95% with most lenders and most likely go to 90% with your current lender. 

Based on the a property amount of $300,000 – even though there is LMI payable I would be comfortable with going to 95%. 

The big variable will be the valuation so I would consider ordering several upfront vals. Most lenders offer this, its free and if you proceed with the loan you can use that valuation.

No worries – plenty of people of the forum who have built GF's so ask away if you have any ?s.

On the face of it – it is ok. However, you may need to consider other elements such as postcode/location of the property, LVR, etc. You should be able to go to 95% plus LMI. You will need to structure the application correctly and choose the right lender.

Ascertaining the GF approval should be easy under SEPP. This is a good document that will help you:

http://www.planning.nsw.gov.au/LinkClick.aspx?fileticket=b3Gn_0dCm1k%3d&tabid=313&language=en-AU

Also consider an upfront valuation if LVR is tight.