Understand the purpose of the investment and stick within your budget. If your investment is primarily as a tax offset then the property would be negative geared: as a capital growth asset and a high risk area, it should be a positively geared asset as it will most likely have low capital growth.
Find the right property for the right purpose in the right suburb. Rental values are far greater on 2 bathroom properties than 1 bathroom (2×2, 3X2).
Understand the market you intend to enter as an investor, and have insight into the potential pitfalls of an investment gone bad.
Research the mortgages, deposits, LVRs, interest rates, fees and services of financial organisations before choosing a lender.
Understand the outgoings including strata fees, council rates, management fees and insurance. Despite being tax deductible, the higher the outgoing, the lower your property income and the more difficult it becomes to on-sell.