Where to start?

Hi All,
Well this is my first post but I have been reading quite a few threads and amazed at how much information is shared quite nicely among everyone on there, good to see forums without trolls for once.

So to get into it im just starting out in the property game (well havent started yet).  I made a good profit on a boat I imported early this year and that coupled with savings I have 5% deposit for a 330k house.  I live and work in mt.Isa and have been following the market here for the last 2 years.  My gf and I currently rent a hovel of a home for 450p/w and I know of a house coming up for sale shortly that I am interested in.  My plan to get into the market was to buy this property and live in it whilst we live/work here for the next couple of years and slowly put some elbow grease and time into it  to build some equity.  The market has certainly slown down here and prices for last 6 months have declined and because I have a little bit of inside information might be able to get this property for below average price at th moment.  I'm interested to get some feedback from all you mining town investors and property guru's on my path. 

Basically tjhe path is this;
– Buy the house around 300k and live in it (to save paying ridiculous rent for terrible houses)
– Put some hard work and around 20k to do the bathroom and kitchen and a splash of paint
– Save for new IP whilst out here earning good money
– Either rent or sell in 2-3 yrs when we are done living here to move back to city to live in a new house and basically do the same.

I grew up here and work in the mines and know a fair bit about the projects that go on, however the recent RSPT has thrown a spanner in my thought process and I am considering holding off until after the election. I guess I'm just a bit hesitant with buying my first house here for around 300k then the possibility of huge downturn here and me having an upside down loan. But the main idea of this was to get my foot in the property door, stop paying dead rent, learn some reno's and get a taste for the whole process. Sorry was a bit more long winded then I intended but very keen to get some different opinions and feedback on my portfolio plan.