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Similar applies outside of strata - a stand along house has a roof that needs replacing, the trustee must enter into a contract with a roofer to replace it, a dispute arises and litigation results. Appeals to higher courts etc SMSF loses and the house could be lost. You could also slip over...

Don't know Ausprop. I know nothing of strata laws..

Nope, all the assets of the trust would be at risk. The custodian trustee is just a bare trustee so the legal owner would be the one at risk and this the the SMSF trustee. This would be then indemnified out of the assets of the trust. With lending it is different because the loan agreement...