But, to throw a couple of rocks into the pond to get your thinking started...
->> As a first timer, don't be in an investment scheme.
About a tenanted property...
Pro - immediate revenue stream from tenant
Con - the rent is taxable income in your hands
Pro - some tenants are good and reliable, will pay on time, and won't trash the joint
Con - many tenants are horrible, and many real esate agents, worse
Pro - There are tax deductions available for (some of the) expenses
Con - If it's not your Principle Place Of Residence, then it's not CGT exempt
< shrug >
Big complex, decision.
Much depends on what you want to buy, on the attrributes and conditon on of the property,
on the structure of the deal, on the source of your money (borrowed/ inherited/ saved/ yet to earned),
on how good the tenant is, and on the prospects for capital growth.