Hi MFG,
for your friends to be able to claim it as a tax deduction, you would need and ABN. For you to get an ABN as a property manager, you would need to get a license especially if you are collecting rent (you need a trust account). I am not a PM, nor would I want to be and I can't understand why you would do it for a friend - quickest way to ruin a friendship if it all turns to custard. Property Management is one of the most heavily regulated industries in Australia and unless you know the legislation inside and out, I would stay away. However, you can probably manage their property as a favour and avoid the real estate license.
