Given my age, I have decided my best course of action is to be a buy and hold long term growth strategy (my long term is considered 7-10 years). I do want to target high growth + at minimal neutral to positive cash flow properties. I would be happy with negative provided the property gave me a huge instant equity boost.
I'm a local of Sydney, and I don't even bother with the Sydney market as it has it is an unaffordable top of the cycle piece of crap at the moment (even if I could afford it, I wouldn't really go out and buy stuff as I know I'd be overpaying, and who knows how much steam it's got left i.e. until interest rates rise?).
I've been studying the Brisbane market given it's upside potential for growth in the near future (Commonwealth games, infrastructure, CSG, growing population, good stage of the cycle etc.). And I don't do basic research, I do grid analysis, looking at zoning maps, yield variances, demand and supply factors, and where in the cycle a suburb is. Like I've said, I didn't just think of this "I want to invest in property yesterday, hence I'm going to buy tomorrow". I have been reading everything I can get my hands on, from books to articles, to advice.
I have gotten a pre-approval, and I know how much I can afford, and I've gone half of that so I can strategically move forward should anything go against me (basic rule of never over-extending yourself). I also work for a Bank, and enjoy pretty good benefits in getting an investment loan (potential to even waive LMI).
For my first property, I feel structure isn't so important, provided the property is leveraged up - but will still reconsider based on a professional solicitors' advice. Interest only because a successful business can only continue over the short term if it holds cash reserves/has strong cash flow (yes treat your investing like a business).
These are all basic things that any investor should know, which I do. But beyond that, I'm struggling with is building relationships, I'm pretty scared to even talk to agents on phones because I feel I might offend them by low balling or not committing/wasting their time. So hence I need people's advice regarding how to strategically ask agents or look for below market value properties.