I don't like sounding negative but I can see a couple of problems in your strategy...
You've stated you'll use a cashbond to overcome serviceability issues. I presume you'd need to borrow against your equity to purchase the cashbond. This could be a bit difficult if you've run out of serviceability. It could be managed and timed (borrow the money for the cashbond prior to running out of serviceability), but you may find it difficult to find lenders who'll recognise a cashbond as contributing to your serviceability long term. What happens after five years when the bond expires? Lenders are starting to think longer term these days...
Assuming you do get to the point where you've got lots of equity, it's almost impossible to borrow money without suitable income streams. If you're negative or neutrally geared, lenders simply won't allow you to borrow against your equity any more. If your employment history shows you're ducking in and out of jobs whenever you want to borrow more, lenders probably won't want to talk to you either.
The Cashbond strategy and Living Off Equity strategy were developed under very different economic, lendin
g and regulatory conditions to what we face today. They are still valid for a very narrow group of investors but if you're in this group you probably don't need these strategies, you just use them to give your investments a boost.
Here's an alternate strategy to consider...
Buy property, add value, get good rental returns and create equity. You probably will hit a road block at some point, but this can be a good time to take stock of what you're doing.
If you've bought well, eventually rents and incomes increase and you'll get through the roadblock. Look at alternate stategies like commercial properties or even equities markets to help. Educate yourself.
With time and good decisions, eventually you'll find yourself with a lot of equity. Reconsider your strategy. You might be better off to sell some properties, pay the capital gains taxes and pay down debt. This might enable you to live very comfortably off the rent from the remaining properties.
Consider selling properties and moving the moeny into tax advantaged structures such as insurance bonds and superannuation. Put it into asset classes which may not have as much capital growth, but better income yields.
In the meantime keep educating yourself and do your due dilligence well.