My main advice (which katiesmun already covered but I'm just reinforcing) is don't expect the rent to pay off the mortgage.
Say for example your mortgage is $550 a fortnight and the rent is $250 a week, it might seem fine until the hot water system goes. This is an essential service, so there's no time to shop around, it needs to be replaced within 48 hours. All of a sudden you're out of pocket $2000. that's 8 weeks rent. You need to be able to cover the mortgage for this time.
Also just because a house has a great return doesn't mean it's the best buy. Ex housing commission properties look great on paper, because they're cheap to buy and technically get a great return, however a rental return is worked out using the basis that on average the house will be empty two weeks of every year. However these types of houses are usually vacant for a lot longer then that, and depending on the area will possibly sustain damage during this vacancy (from as minor as broken windows to as bad as squatters or even the house burning down - worse case scenario, but it happens).
Check with local property managers, and even the local police station to find out what sort of problems they have.
The biggest thing though is to make sure you have insurance. Read through the policy to make sure you know what you're covered for.
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Wow thanks heaps everyone!
Im logging off for the night but i will jump back on tomorrow afternoon with questions
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