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Thanks Lizzie, Well hopefully I can make some decent money with this property to help them out later in life.

Thank you everyone for your detailed and genuine advice. :) Yes I'm an only child and no other close family to have any issue with. At first I advised my parents to rent out their property out as it would ask $450p/w and would almost cover their current loan repayments. They did not like...

No, they hate money, I'm surprised they brought the place, but it was an off the plan purchase and only made after they had a coffee on Bridge Rd one sunday afternoon.

The cheaper I can purchase it legally the less funding I require. This property would be CF+ as it would rent for $450+p/w. I'm only in the 31.5% tax bracket so tax right off is not my aim. If anything the main aim to is pay off my parents current loan on the property (350K)

My parents offered to sell me their property and are happy with a price which will pay out their current loan on the property. (around 350K) They approached me because they no longer wish to live in this area and don't want to sell the property because they know it is a fantasic property...

My parents have a property which is worth about 480-520K, If I was to purchase and turn this property into a IP in the future is there any Tax laws or issues I would need to consider? Example if they sold me the property through private sale for 400-450K?