I know this is more a family and conceiving forum. But you guys are so smart and knowledgable, I thought I may as well ask here.

Dh and I have put a deposit down on an investment property in inner Melbourne. It is an apartment building that is due for completion later this year. Other than our house, we have never invested a big amount of money into anything. So we are paying 20% deposit on it, out of our own money and the rest will be on mortgage.

What I'm wanting to know is;
1) if there are other bbers who have investment properties, and have any tips for newbie investors.
2) have you found it difficult to keep up repayments on the mortgage of your investment property, or has rental flow been relatively good and kept you under control?
3) what kinds of things do we have to consider before having tenants? I know we need to organise window furnishings and insurance, but is there anything else?

We don't currently have a mortgage on our home, we are lucky enough to be in a situation where it was paid off. But with number 2 on the way we have been considering upsizing. But we are terrified that we will get in over our heads, with the investment property not yet complete we have no idea on outgoings or rental return and me about to be on maternity leave. We were looking at starting small, purchasing a block of land for $150,000-170,000 and building on it later (like in 2-3 years time). We would be able to afford 20% deposit on this land so wouldn't have to purchase mortgagee insurance. But this would put us with very little savings. I guess we're just terrified that we will struggle to get tenants and then basically have a mortgage of around $400,000 to pay off with one income. What are people's thoughts?

Sorry, I hope this doesn't come across as a brag. It's just we aren't talking to anyone irl about our investment property, but I seem to be constantly having new questions.