House is mainly double brick, freestanding but terrace style, built in the 90s so not (too) old, single story with fairly modern kitchen and bathrooms, which are allowed to be changed/renovated as far as I’m aware.

From what I’ve read, it’s mainly just window frames and the like that need to be sourced from the same era but I’ve also read some modern plumbing materials can’t be used which is crazy as they’re largely not visible.

Place is located in a nice street in Tamworth, walking distance from the centre of town and well away from where a lot of the crime takes place. Block is long with rear lane access and there could be opportunity to build a granny flat at the rear (subject to planning controls, etc).

I have received advice to stay the hell away from heritage, but an offer like this from a generous friend will probably never come up again, and I am seeing as almost a 100k donation and straight equity if I take up the offer.

Tamworth as a region has has almost consistently 10% growth year on year, incentives for skilled migrants as a region for shortened permanent residency incentives, and a lot is happening in the region in terms of growth otherwise. Rent from this place is currently a bit over $400/week.

Plan was to buy it through favorable purchase (where someone sells for less than market value) any try and use that 100k in a way that gets me over the 20% deposit so I don’t need LMI and don’t utilize the first home buyers scheme, keep it for about 4-5 years and build as much equity as possible to use towards my first home in Sydney, which I’m largely priced out from. In this way I can use the first home buyers scheme to save on a larger amount closer to the $800k threshold in Sydney and avoiding a much higher stamp duty cost. I also live at home with my parents and have minimal expenses. Only debt is my HECS at about 30k.

Am I crazy for not taking up this offer? Or should I steer clear due to the heritage thing? Is there anything else I should be aware of before committing? I will add the friend is worth a few mil already and can easily make about 100k in 3 months in contract work so is not struggling to make ends meet, has done many charitable things in my time knowing them and does not have a vested interested in screwing people (especially their friends) over.

Apologies for the novel, any and all advice would be greatly appreciated.

Edit: I work in development/building and have a planning degree. Helped them a few years ago get a secondary dwelling DA approved on another one of their other properties which they now live in. 6 months of back and forth and countless hours of myself personally liaising with council, never asked for anything in return. This could be seen as their way of saying thanks/paying me back.