Once you have an idea of what you want out of real estate by using a specific strategy like for EX: Buy and Hold, Flipping, Property Management, Turn Key developments, Single Family, Multi Family, or both, wholesaling, etc...

Overall the Oz economy has slowed significantly (mostly due to the oil and mining slowdown) but relatively low interest rates (nothing as low as US or CDN) are driving those investors that can, to invest (plus our currency is now much cheaper than just 1 - 1.5 yr ago). 

In the meantime, my currency took a nose dive losing 5% to the USD in that space of time. 

Except from contractual payments, i have to put 15-20 k usd for interior/decor/furniture and i will be able to rent property 1 for around 700-1000 usd/ mon, and latter for 350-400usd/ mon.Tought thing is that our country is facing cash shortage, property prices going down, local currency (som) ex rate falling, and people are unsure about the future economic situation.

When appropriate and 3 The Financial Stability Oversight Council consists of the following members: Secretary of the Treasury, Chairman of the Board of Governors of the Federal Reserve System, Comptroller of the Currency, Director of the Consumer Financial Protection Bureau, Chairman of the Securities and Exchange Commission, Chairperson of the Federal Deposit Insurance Corporation, Chairperson of the Commodity Futures Trading Commission, Director of the Federal Housing Finance Agency, Chairman of the National Credit Union Administration, a presidentially-appointed independent member with insurance expertise, Director of the Office of Financial Research (non-voting), Director of the Federal Insurance Office (non-voting), a state insurance commissioner (non-voting), a state banking supervisor (non-voting), and a state securities commissioner (non-voting). 4 “2014 Annual Report.”

Anyone out there with experience using foreign private money, for example AUD, and how you handled the risk of currency fluctuation?

For many, there is the currency risk.

For ex, workers for Habitat for Humanity and when purchasing a property for a direct family member, you are allowed to work on the home or manage work without a contractor's license even though you personally will not be living there; otherwise, the owner/investor needs a license. 

I at most could rent this $230k for ex $1650 now. 

Some Flipster Pros-lays out step by step instructions from contacting leads to closing -offers scripts along with contracts for buyers and sellers-10k leads monthly, additional costs if you go over -gives multiple filters to finding what kind of properties to look for ex vacant, REO, out of state owners etc.