When to include CIP in portfolio?

Hi all,

Currently 27yo with 11 IPs. Most recent deals have been buying cheap stock in Logan, significant reno to add value and hold. Have also done a couple subdivisions in QLD. At the moment still trying to build equity within the portfolio. I'm on a high income but I'm close to serviceability limits so I'm looking at doing some buy, develop and flip projects next.

I'm wondering when I should be looking at buying some CIPs. Currently my portfolio is slightly positively geared by about $15k pa (although this is probably soaked up by repairs and vacancies!)

For those who have portfolios over $3m worth, when did you add your first CIP? Why?

Has anyone done analysis on CIPs recently where they can share a spreadsheet showing financials over a 10 year period? Would probably benefit a lot of members to see one based on realistic assumptions (ie buying a property with 3-5yr lease at 65% LVR, needing to reduce to 40-50% by end of lease, 3.25-3.5% increases, 3-6 months vacancy, leasing fee plus some incentive and capital works upon lease expiry).

Thanks!