I would invest in Scarborough. I read a lot of articles and did online research all confirming that Western Australian market is recovering. 

I like John Reed books on real estate investment. They are always full of great information and have a lot of practical advises, especially for people who are new to property investment. 

I am for a professional property management. Private management might work out, but it is more benefits in having a person or team who know what they are doing managing your property. 

Depending on the price of the unit: if it is high agents usually area to 1-2 % of commission. If the unit price is low they might settle for 3-4% or even higher in commission. 

I am inspired by people who set their goals and always achieve it no matter how many challenges they face by doing it I am also inspired by people who never give up and can learn from their own mistakes. 

I have the same questions: it is obvious you are not that young, but you have not saved enough money to make a deposit on your property investment. It makes me wonder if property investment is for you. I suggest to research what property investment means first, before jumping into this business.

I prefer not to invest in 1 bedroom apartments. I usually target families and think that 2-3 bedrooms is the best investment to get a high Cash Flow.

It is your responsibility to replace the doors and screens. On the other hand, tenants should have their own insurance to cover loss of their belongings. 

You need to check with ATO to be sure. I am sure it is some difference with tax amount you pay depending on the type of property.

As far as I know there are two types of bankruptcy: voluntary and involuntary. I am not sure if it is the answer you are looking for , but you can read further about it at http://www.lawhandbook.sa.gov.au/ch03s03.php. 

Consult with a broker and may be find out if you can have two different insurances for both buildings. 

I would say it is a decent deal since you have 5 steady tenants, but I would recommend you to check if the building was maintained well due to its age. I am sure you do not want to get a building and then spend a fortune on repairs. 

I do not think it is possible anymore, but not sure. I recommend you to do some more research or even consult with a specialist.

Could you reschedule you trip? I would recommend you to be there yourself. If you cannot reschedule your trip, send a reliable person you know, may be even hire a agency to represent you. 

As mentioned before you need to decide your future profit from renting or selling in the future will be worth it.Also, make sure that you can afford both properties and able to maintain them. 

I do not think you are too old, even though it is better to start investing earlier. Just do a lot of research before buying and just follow all great advices that people provided in this thread. 

I hope so,even though Sandy is a terrible hurricane and a disaster to many people. Do you think prices will increase now as well?

Derek thanks for clarifying. I absolutely agree with you that all buyers need to check if they have a warranty before buying the property. 

Thanks for pointing it out Zmagen. It is something I have not thought about since all my the priciest properties always brought the best cash flow to me as well. It is something I will have to reconsider in order to continue being a successful property investor.

Could you provide a little bit more information: what kind of property you are looking for:commercial, residential., size of the property and etc. With all this information it will be easier to answer your question.