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SMSF can buy as long as the seller and members of the SMSF are not related parties. Security for the 10% deposit is keeping it in a trust account until your settlement.

Consider 1. Loans - are you willing to guarantee a $4mil loan and possibly lose everything you own? 2. GST 3. Tax 4. Stamp duty 5. Bankruptcy/Insolvency 6. Death 7. Divorce 8. Incapacity 9. control 10. SIS Act - are you related parties?, will the property be mortgaged, etc