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Speak to a broker, but most lenders as I understand give 5 years io with an option for another 5. Think some lenders have different options. You'll have to work out how much 5 properties can make you. Look up how much a 300k prop rents for. If its 5 * 300 that's 75k a year before any costs...

Nice goals and you are certainly in a good position with $400k available to kick you along. Starting with a property of around the $300k mark is a great way to go imo. Gets you in there and learning without taking on too much risk. With an 80% lend you will still have plenty of deposits ready...