Single Income Property Investor
You can't build a multi property portfolio without solid income any more but that doesn't mean you can't get started. A 10% deposit will be enough to get you in generally but if you're lucky enough to have a family member willing to let you use any equity they have in a property and act as guarantor for you you can do it without a deposit.
You've no doubt seen the articles and videos of the teenagers that own 20+ properties earning a part time wage at a fast food restaurant and wonder, "what the heck?" I do. Firstly, there's virtually no chance of being able to do it in today's lending environment thanks to Regulators realising how risky such lending practices could be (think 20 properties with no tenants all of a sudden resulting in no rent).
Why start with an investment property?
It could pay for itself!
You can buy something high yielding (rent will cover all of your costs) meaning someone will pay off your mortgage while you don't have to outlay a cent. In 30 years time you could own a property outright having never made a payment out of your own pocket!
You're not stuck
Buying the house you want to live in is cool, but once you've moved in if things change you can find yourself stuck. If the worst was to happen and you lost your job, you have a large expense coming up etc you can't just sell and come back later. If you rent however you can always (within the constraints of your lease agreement) move to a place with cheaper rent while you save money and then when you're back on top look for a more comfortable house again.
Potential Negative Gearing opportunities
The pending election will have a bearing on this and truthfully gearing shouldn't be a massive factor when making your decision, if you're buying for Negative Gearing your probably headed in the wrong direction.
If your property pays for itself that's a huge win but you generally don't attract any Negative Gearing concessions (If you don't like the sound of not attracting Negative Gearing you need to watch the video in the link above). You may get lucky and the depreciation on the property (a non cash deduction which means you claim an expense without spending any money for it) will entitle you to a refund on tax paid but I would suggest the return won't be large but a nice little gift regardless.
As you can see, it's not impossible to do. It's important to find the right property though. Tight vacancies, high yields are things I look for when looking for property that will look after themselves.