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Had a chat with account a few years ago about this and he was sure it was legit, you should get a private ruling from ATO, the only issue for us was the fact that we bought in our names and would have to sell to trust at market rates and then pay stamp duty on that. If we ever sell we'll do it...

Gives you good asset protection, not really an issue until you have substantial holding but a very nice reason once you have lots to loose. It doesn't matter if you know the people you rent from. It really doesn't matter that you are doing it for tax purposes, if you are paying "reasonable rent"...