Is your sister going to live in it? She may have to pay CGT.

When I was working for a martin place law firm I did conveyancing and we charged by the hour, $350. I ended up charging cliens $11,000, $7,000 and the cheapest was around $3.500. This is for average properties too – $500k houses etc. Clients were often professionals and even lawyers.

The lawyer is supposed to disclose their fees up front and enter into a costs agreement with you.

What if you don't end up moving back in and want to buy a new PPOR to live in?

It depends…

They are possibly trading stock so not CGT would apply. Merely income tax. Just as if you were selling ice cream.

see "ATO ID 2004/25 Income Tax Trading stock: residential properties instalment sales contracts"

http://law.ato.gov.au/atolaw/view.htm?locid=%27AID/AID200425%27

Nope, this is a legal issue. Can only be done by a lawyer.

It may be better to just consider a trust for future purchases. Also a lot more to consider other than income tax. If land is in NSW then maybe the land tax will be more than you would save in income tax each year.

1. Define 'best'!

This will depend on your situation, the family situation, the existing business set up, land tax, stamp duty, long term intentions and asset protection requirements. And day of the week.

2. Yes. you could borrow 105% or more for each deal. But htis will depend on existing properties. Generally you can borrow up to 90 to 95% of the value of the property.

3. I could possibly assist depending on a few things….

Perhaps a buyers agent?

Work out a strategy with an approximate area and then employ a buyers agent to source for you.

I was not aware that he went bankrupt, but thought a company he was involved in went under.

I think his books are good. especially rich dad and the cashflow quadrant. Simple easy to understand way of explaining things.

There is nothing wrong with that way. People just have different ways of doing things.

One point to consider is if you are going to buy an IP what about super?

1. Get one in a SMSF to it will be tax free income and capital gains once you retire, or

2. Get one in a unit trust structure now and when you do retire you can transfer the units to a SMSF and from there the income could be tax free and CGT free house if later sold.

This wouldn't be possible (ie transferring to smsf) if you purchased in your own names, unless it was commercial property

Consider this:
1. What if the child were to later get divorced
or
2. What if the child were to go bankrupt?

3. child died – would pass via child’s will or intestacy laws

If the parent kept the property but let the child use it as their own it may work out much better. The parent could leave the property to the child in the will.

But, what if the parent
1. Went bankrupt
2. divorced/separated
3. had their will challenged.

Sounds simple but many things to think about.