Lotsa Stuff

Hi, we're looking to make an offer on a property this weekend that needs some work before renting.  Not sure of the tax implications – think I remember reading that you can't claim repairs/improvements for the first twleve months, as they're counted as part of the purchase price.  Can anyone clarify this?  If they can, in fact, be counted, do we have to have the property advertised as being available for rent before we do the work in order to to make it deductible?  It would be great if somebody could tweak my memory for me…
Also, we're planning to travel Oz next year in our motorhome (home schooling 6 kids – YAKES!) and will be renting our home for the period (4 bedroom home with an attached 2 bedroom granny flat – I assume we'd get a higher return renting the 2 sections seperately??)  Anyway, if we decide to put new kitchens in both the house and the flat, would next year be a good time to do it?  Could we claim them, or part of them, even though we plan to move back in when we get home?  If so, do we have to have them rented or advertised for rent before we do ahead (I guess that's kind of the same question as above.)
The house we're looking at this weekend has been advertised in the high 300's for the past 3 months.  Apparently their agreement with the selling agents ends this Sunday.  They've been talking with a 2nd agency (the one who has phoned us to give us prior warning, if that's the right word,) and plan to sign with them on Sunday, on the condition that the house is sold within a week, as the bank is about to foreclose.  The information the agents gave us is that they may be willing to accept $300,000 rather than let the bank take it.  Not sure if this is right though, or if the agents are simply phoning everybody doing a proxy auction – stating a ridiculously low price and hoping there'll be tonnes of interest to push the price up.  Anybody been involved in a situation like this before?
We've been talking to our bank throughout the day trying to find out if we're in a position to go unconditional (having bought 6 properties in the last 12 months we're running out of luck and money!)  We have the income, but equity is dicey, depending on growth of a house we bought for $247,000 6 months ago and spent 9 weeks working on now being worth $320,000.  Our 'relationship manager' (sounds so wanky when I say it out loud!) has said it's rare for valuers to re-value significantly differently within 12 months – they'll usually just add on what you've spent in renos.  It's rented for $320 and in a great position near the lake.  Does anybody know if we have reason to be more optimistic than the bank, or is it unlikely they'll revalue it $70,000 higher (we spent nowhere near that on reno – about $16,00 for a new bathroom, painted inside and out, floorboards, new plumbing, general tidy-up etc. but we used our own labour for almost all of it – would have cost a lot more otherwise.)
If you've managed to read this far…..thank you.  Look forward to any words of wisdom, including thoughts/comments/advise outside the scop of what I've specifically asked for.