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I agree with MW but like JIT would go for a higher LVR especially in the early stages. The rate at which one saved for a deposit could be reduced to 20% and cover a pretty sizeable negative CF in the early days.

I like buy and hold. I'd also add 'gear up' as much as you can, within your limits and with a buffer. You'll never get rich with 1 IP. Even if you're only getting ~5% growth for the forseeable future a portfolio of $2m (i.e. 4 to 5 median priced properties) will experience $100k pa in growth.