Hey all, just wondering if we could possibly get some advice on our strategy as we're currently in over our head I believe. I'm currently looking at buying an IP with my father, I will be renting the property and we're looking for a short term flip/short term equity. We have finance approved up to 800k inc (stamp duty) for our first IP we're looking to start a lot smaller, something more realistic/comfortable in our price range. Right now let's just say it's 450k. When looking this weekend the agent asked what we were after, dad told him something for me to live in.. then said or as an investment, or a 900k home we could all move in and flip... or a holiday home we could renovate and flip... needless to say the agent was as frustrated as me! I'll make it pretty clear we both want short term growth (the dream), but he has different ideas on how to get it. The main problems are our ideas in what properties will make money. He's looking for growth in what are essentially H&L packages, I'm looking for major reno properties that can be renovated to increase 20-30%% of their buying value.. which is their current market value if they were restored, not banking on growth at all, but will be buying in growth area's. We've looked at many and to put it into perspective we're getting nowhere because he has turned down numerous good ones I've given the green light on, and unfortunately for some bad reason believes new homes will magically grow, and looks at things like clinker bricks, stained windows, art deco, period features etc... he's only interested in the building because "people still have to live in it" I feel like I've gotten nowhere and am exhausted looking at properties. Here are some of the properties I've given the green light on after much thinking. http://www.realestate.com.au/property-house-vic-noble+park-119929581 (said we should offer 420k, he believed it was a rundown dive) http://www.realestate.com.au/property-house-vic-clayton+south-119814379 (i said offer 520k before the auction concluded, he said he'd pay 380k for it...) http://www.realestate.com.au/property-house-vic-berwick-120059169 (I believe if we get this for under 450k we've done good, however dads not interested above 390k.. I believe it will go for over 500k. Here are the ones he likes, although good buying value these just seem like dead money to me: http://www.realestate.com.au/property-house-vic-narre+warren-120193205 (wont sell for over 450k in 12 months :S) http://www.realestate.com.au/property-house-vic-berwick-119963553 http://www.realestate.com.au/property-house-vic-berwick-120053097 http://www.realestate.com.au/property-house-vic-beaconsfield-120018377 (prob would've actually bought this one at this price! imo the house is too poor to flip it for above 450k.) http://www.realestate.com.au/property-house-vic-officer-118621399?listingType=buy (my fav choice :S) We looked at this one yesterday http://www.realestate.com.au/property-house-vic-belgrave+heights-120236293 and I said main street 100 meters from shops, good solid flat block, but all he was interested in on is how "it looks like a period home" and "are those stained glass windows". Sorry to being what could be considered a family quabble onto the forums! I'm finding this partnership rather frustrating atm moreso at an impass. Almost every Saturday for months I've found the "one" only for him to have a different view. When I ask him why the Narre Warren home appeals to him, he says "a family will live there" and "it's already done up". But he says he wants to buy and flip :S. I then raise this and he realizes and says "yes it needs to be unrenovated" so he acknowledges the concept. However every time we walk through the door of a property, first things that he likes is "it doesnt need doing up" "is that a smeg oven" etc. that's where his mind is at in this. He's been so bear towards property and thinks the growth period has started this year, despite me trying to keep him in the loop since 2012. Whether I buy one with him or not he's going to buy one, and lose all his money on his own. When I get frustrated he cracks it and says "I could get a nice new unit in St Kilda and claim depreciation" obviously frustrated towards all the old "dogpile" homes I keep showing him. I've educated him on OTP apartments and he understands their bad. He still says that though as though his mind is somewhere else. He genuinely prefers the unit idea despite being aware of all the great somersoft knowledge I inform him with constantly. Sorry more a rant than a post, just wanted to share my experience of a partnership that hasn't even essentially started. I'm completely new at this myself with no experience although I'm scared he's locked in a mindset that has constructed itself to lose. And he's going to buy regardless of what I do. He loves watching Homes under the hammer, everytime I see that show they talk about moot nonsense like stone features, granite benchtops etc same mindset as he's in. Except those English homes are more or less Toorak equivalents and not miners cottages in Berwick. Even still I'd never overdo a home hoping someone would pay a personalised amount for it.