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A SMSF cannot borrow to acquire an asset unless the asset is held is a separate trust - a bare trust. This is so that if the **** hits the fan the lender doesn't have access to other assets of the SMSF (but they will have access to your personal property due to a personal guarantee).

A SMSF can enter an off the plan contract to acquire a single asset. SMSF pays the deposit. if there will be borrowings then you need to set up the custodian trust and trustee first. If it is negatively geared other income of the fund can offset the loss. If it doesn't have much capital then...