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And to answer the bit about PM's or Self Managing, we have 5 properties with a PM and 3 we self manage as we have had those particular tenants for many years so ended up taking over the management ourselves.

I use Property Manager Pro (love it) and I have created an expense category for each of our 8 properties matching it to the expense categories that are on the ATO taxation schedules for IP's. The only thing I find challenging is working out the interest for each property as I don't have one...