Hello everyone, This may be a silly question but I thought that if anyone would know it would be you guys *don't slam me!*. I currently have 2 IPs, house and lands, negatively geared, low CG but I'm thinking positive that they will do well once the estates are completed (3-5 years). I've been given the opportunity to buy a family member's house for well below market value (for 185k compared to market value of 220k). It is in a regional centre on a very large block and my plan is to do a small cosmetic reno (painting, new kitchen cupboard doors etc) to add a bit more equity, rent it out for a few years and then knock it down to build units (the property next door has done this on a smaller block with no problems, so council approval should be no problem) once my other IPs start making more money. I've got a good income that could service the loan but I'm hesitant to cross-collateralise my other IPs if possible. I've got a small cash deposit (approx 10k) but I was wondering whether it is possible to use the property's own equity to buy it? Help please! Erin.