Theres a lot of good tips going around....there is a big stigma of interest rate rises...as mentioned above if you can cover the min repayments your sweet...you can claim interest on the loan, agent handling fees (rental), the difference between your net rental income and your contributions towards that monthly min, any improvements you pay for....then if your in with a creative accountant...gravy.
I keep in touch with a few mates who are agents as well as me oldies who have done well off property...
there are a lot of people out there who bought during the boom...borrowed a lot just to get into the market then borrowed against any equity that they may of had to have the new car, Tv, etc etc etc now that demand has dropped the prices have dropped as well and consumer items depreciate like a brick...these poor folks have negative equity due to consumer items....
This is good for buyers....there are sooo many distressed mortgage sales in my local area. It may sound predatorial but these are the sales you want to find....very negotiable and want out now!!
Ask your local agents and watch a few auctions...they will tell you which ones are desperate.