NEW TO INVESTING – SYDNEY STUDIO UNIT A GO?

Hi there,

I'm 19 yrs old earning about 50k pa, new to property investing so hoping to gain some advice or direction for my circumstance below:

I'm interested in purchasing a studio unit in sydney eastern suburbs advertised $239k but my budget is $225k max. The studio is less than 30sqm however it is not a high rise apartment so strata is low about $350pq (no car park, swimming pool, etc). Water and council rates add up to approx 1k pa. Rental return is about $300 pw. It is close to public transport, unis, colleges, cafes, bars, etc and i think the vacancy rates are low.

I've obtained finance advice and can get loan with st george basic variable, interest and principle for 80% of the purchase price. I'm eligible for FHOB so will be using the grant as part of 20% deposit. Also eligible for the stamp duty exemption. I intend to live in the unit for the first 6 month period and rent it out after this period.

My questions are:
-If I am successful in securing it for $225k would this be a good investment? I calculated Yield is 6.9% is this good?
-I'd like to rent the unit out furnished, is it wise to buy furnishings while I'm living there in the first 6 months or buy the furniture when I put it up for rent for tax advantages?
-Also is principal + interest repayment option not a good way to go in terms of going from owner occupied to investment property? If I switch to interest only when I rent it out would this be beneficial? I'm not sure what the costs are associated with changing it to interest only or whether it is possible to do so. I know I cannot get a 100% offset account with the loan I intend to get with st george.
-I'd like to obtain another investment property in about 2 years time; can I keep this one as my PPoR (while renting it out and I will board with my parents) and still buy another IP? I plan to sell the first investment after 5 years of renting it out while maintaining it in PPoR status (to get CGT exemption), then make the second investment property my PPoR by living in there for a few months to also get CGT exemption on the second one. Is this a good strategy and are there any laws/regulations against this?

Your responses would greatly assist, positive or negative. I've been reading many posts and have gained a lot of knowledge re property investments from you all but hopefully with this post it will give me the answers I'm searching for regarding my situation. Many thanks in advance!