There probably vendor finance / wrap agents.

Hi Cazza,  are you actively seeking a tenant as well, not just leaving it to a PM? Posters at work, local paper, on your intranet if you have one. Doesn't matter if you look a bit desperate, your almost there.
Thought about reducing the rent significantly….. 20-30%
Better to have some cash flow then none.
Phone 10 other PM's then 10 more.
I have been in a similar situation and I ended up finding the tenant. The PM still scored the first weeks rent though as I had signed for them to manage.
Good luck !

Hi Mel, loved your story in API. Your a legend!  Your on a great wage, more than most so your options are huge. What are you going to do with your land? Will take it take multiple dwellings?
As I read recently most people would require 5 to 6 unencumbered properties to retire on.
Your doing better than most and have a great portfolio for your age.
Have you read all the great aussie property authors? Great read.
Most people regret not starting earlier then they did ( including me) so relish in your early start.
Do you have a Mortgage Broker and or mentor?
Well done…….

Hi, good on you for thinking ahead and wanting to do something positive with your cash.
So, 4 people all borrowing 150,000  but mum has 100,000 as a deposit?
A few questions?
Have you spoken to a mortgage broker/ bank?   Not sure how they view these arrangements.
Have you spoken to an accountant or solicitor? They will be able to guide you in the finer details.
Will you be able to claim the first home owners grant? It all helps.
You only want to live there for 1 to 2 years..then what. Do then sell your share? Are the other 3 people crystal clear that you want to move out in a couple of years?
Do you then wish to sell your share?
They probably would not agree to you renting out your room.
The cost would be approx  $1160  per month, plus insurance, rates.  (P&I) Can you afford this amount when you move out?
You mentioned the property requires a lot of work. Just how much? The sky is the limit there. How do you all agree on how much to spend on renovations?
If you did proceed, then all these things would have to be written up by a solicitor.

Sounds like a nightmare, far too complicated.
In my opinion, dont  do it. Stay with your boyfriend and be happy but invest in your name only.
Good luck. 

I agree with Steve, however I would add run, run away from this risky deal. Dont stop until you've purchased a finished house with good tenants. Dont blow your money speculating. Leave it for a few years.

Hi Andrew, welcome. RUN A MILE from your new friends at the FA's office. This sounds like an absolute disaster waiting for you to sign. Your in a great position, however on your modest income you could go under quickly..
I'm not an accountant, however they want you guys to  sign up to a deal that will leave you with a shortfall of of nearly $1100 per month plus your own PPOR mortgage and land rates on your block of land!! No wonder they want you to sign up. A first time investment of half a million big ones on your income  is asking for trouble. Talk to as many investors as you can and read half a dozen other Australian property investor books as well before signing a thing, please.
What is the anticipated growth in this area of nth Qld? Sure you will get tax benefits through depreciation but it still wont cut it if you have a prolonged vacancy / cyclone….good luck.

Hi, according to Domain.com Pendle Hill is expecting  7% growth. The rents you quoted sound low for a place so close to Parramatta. Sounds like they should be considerably higher. My folks have a granny flat in their yard not far from your house and it pulls $200/wk. Nice earner for them…. Sounds like a goer.

Hi Nicole, we have just finished our bathroom reno on our PPOR. We did it for just under 10K. No particular budget though. It was a total bare bones job as most are, including removing a wall between the old dunny. A  $250 jack hammer from Aldi was a life saver and worked perfectly. I laboured for a week for the tradies and supplied cash. I would never attempt to tile. What a complex, unforgiving job that is….leave it to the experts. Our splurge was our shower panel, just one peice of glass 1850 high and 1200 long with no door. A real stunner with a water mark pattern through it  (Desert Sand) and coated with Enduro shield. Apparently repels90% of chemicals and keeps the glass looking new.  Good luck!!

Hi guys, we were in an identical situation some time ago, kids change your world (for the better)
So,
Owe $195,000
@ 7.5% Interest only loan
Repayments would be $271 per week.
(Fixed loan)
What kind of rent would your place attract? Could you live with a short fall for a while?
Sell as a last resort would be my unsolicitored advice. V8ghia is a wise soul (love your posts dude) and that could be your better option depending on your income. Good luck

Hi guys, here's where you have to make the big decision!  According to the net Parafield Gardens (5107)  can expect  12.2% growth in the coming year.
28% people rent  vs (27% Adelaide) and there where only 7 properties for rent  on one particular site I checked ranging from $210 to $300. So far ,so good.
There are now about a zillion questions you need to find answers to  (promptly) in order to find out if you do want to part with your cash. We built last year and there are plenty of benefits if you can pull it off and get a reliable builder to finish the job promptly. 
Ask your solicitor about some horror stories of people buying land and the builder or developer going belly up. You need to know both sides of the story.
Forget any building work commencing the this year and probably all of January.
You can get clauses in your building contract that state the building will be completed by a certain date and you will receive payment if that doesnt occur. Better then nothing
Some of the questions are, why do people live there?
Is there a local school / hospital?
I noticed its near an airport, would this be a turnoff for some folk / noise?
What rent do you expect?
What does the local council have to say? Is there tip / highway / shopping centre planned?
With a new property it may attract a more stable tenant and it certainly has the tax benefits through a depreciation schedule.
Lastly talk with your team  Solicitor / mortgage broker / accountant.
What sort of repayments are you expecting?  Fixed rate / interest only ? Can you tolerate to 'feed it' for a protacted period?
So good luck and get busy. Bye