Seriously, walk away. If your balance is under $50k direct property isn't an asset class that you should consider. This is not financial, legal or professional advice - it is just plain common sense.
My guess is that someone is trying to line their own pockets at your expense.
You need to plan on a 20% deposit if you intend to approach a bank for a loan - that is if you have a Corporate Trustee established. Otherwise you will need 30% - but no one should be going into an SMSF without a Corporate Trustee in my opinion.
Add a minimum of $5k for legal and bank fees over and above the normal (ie conveyance and application) per IP.
Plan for a cash float in your SMSF of 10% of the property value - but stick it in an offset account to the loan if your lender offers it.
You must setup your entire structure first and have it done by experts, not a property salesperson.
Based on your posts I would pretty much stop right now, I smell a rat.
Trev
