Is this a crazy idea? Advice wanted...

I have tremendous amount of confidence in Brisbane over the next 3-5 years. Wether that confidence is warranted or not is for another discussion (let's not get bogged down in that, there are other threads on this topic).

Anyway, I've purchased 3 properties there in the last 12 months and I've hit my serviceability wall. I've had to do some real financial gymnastics to get my last one so I really am at my limit right now, there's no getting around it.

So I started thinking, what if I buy an OTP townhouse in a good area (NOT an OTP apartment in the CBD). I figured I could buy something unique in an upmarket area, where there isn't a crazy supply problem, and something that is due to finish in say 24 months. In 24 months I'll either be in a position to go through with it myself, or if not, the market will have gone up enough for me to on-sell the rights for decent CG. So the way I'm looking at it is I'm basically purchasing an option in light of the lack of immediate-term funding.

Am I getting a little too greedy here or does this idea sound like it has some merit to it?
What do you do in 24 months when you arent in a position to go through with it yourself and the market hasn't moved the way you thought it would?
jerrybee , I think you've been around long enough to know the view most
serious investors think of OTP , just do your homework see if it stacks up
against comparable townhouses nearby.
You're right, I'm just frustrated at the APRA changes. Really nice place popped up and I can't get it, argh.

I can understand your frustration , someone with to many liquid assets and
small regular employer income over the last few years made it impossible for
most lenders todo business with me.
Hum...once I've exhausted all my options I will:) It's a commercial property anyway so it'll only be of interest to a small group of people.

Hopefully you know the risks associated with commercial.
Personally I wouldn't be stretching my finances to buy a commercial property in a state which has been hit by the mining downturn.
I'd want to have a good buffer in case I suffer a long vacancy.