If I'll be in your shoes, I guess I'll be bothered too. I think, the cost of setting up a SMSF such as that is a bit costly. But just as according to Melanie Thewlis that NRAS property is a program established by the Australian government, which is primarily aiming to promote the idea of affordable housing,so I guess it would be ok. Still, you must gather enough information concerning with that matter because it is important to understand what you'll be dealing with. Make sure you won't make any hasty decision which you'll regret someday.
Not sure if you're still in need of this Jannazo, but for anyone you and anyone else interested, our financial advisory team recently published a white paper specifically on the subject of SMSF and NRAS. I hope you find it of some use.