In addition Costa Hawkins is under constant attack so SFR will lose their protection in the not so distant future.  

We aim to start with flipping houses to build capital for more significant future investments.The high cost of properties in Sydney is challenging ($2M), so we are considering exploring a more distant but cheaper market.Is it a reasonable strategy for first-time investors?

For the tenants that will occupy the empty unit in the not too distant future I can make my own rental agreement, in particular, I plan to let them pay for the water as well, and I will set a reasonable security deposit.But for the tenants in the currently occupied unit:1) Would it be possible to write an addendum to the existing rental agreement to require the tenants to pay for their portion of the water bill?

Values should also go back up in the not too distant future.  

Hey Latonya, accepting out of state vouchers can increase your tenant pool and potentially increase your rental income, but it also introduces complexities like verifying voucher validity with distant agencies, dealing with unfamiliar local resources for the tenant and navigating potentially different eviction procedures in another state.

We aim to start with flipping houses to build capital for more significant future investments.Currently, we are exploring the option of finding a partner who is a resident of Australia and has funds to invest with us.The high cost of properties in Sydney is challenging ($2M), so we are considering exploring a more distant but cheaper market.Is it a reasonable strategy for first-time investors?

You must accept the pros and cons of local and distant investing.

Based on my limited knowledge of AI, I agree that it will be used in the not-too-distant future to underwrite transactions, just like it's currently used to draft contracts and legal pleadings. 

Those distant places now see themselves as the BAY AREA!

@Nick Johnson- if possible - try to buy  your  1st property  close ( or realtively  close ) to  where you live  so that you can  be  avaiable  should anything  be needed ....once you obtain some  experience - longer  distant is easier ......of course  buying your first place long distance  is fine as long as you have a team in place to assist .