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Thanks to all who responded so quickly to my post and confirmed my fears. You just can't beat that old "GUT feeling"... too bad it didn't kick in prior to signing the contract. On the postiive siide, I have learnt more in 2 days then I have in the past 6 months attending seminars, reading...

I already have one investment property which was formally our family home. We upgraded 3 years ago. Both homes have substantially appreciated in value since then. I have been looking for the last 4 months to acquire a second investment property and in fact have signed a contract to purchase...