Step 1: Revisit your SMSF deed and investment strategyAssuming you've already set up your SMSF, your first point of reference should be the fund's investment strategy. According to the Australian Taxation Office (ATO), an SMSF investment strategy must outline trustees' key objectives and the framework for making investment decisions to achieve those objectives. Seeking preapproval for an SMSF loan can also provide peace of mind while you shop around for a suitable investment. However, buying an investment property for an SMSF isn't the same as choosing an investment property for yourself. Investment strategyDirect property investment and borrowing must align with the SMSF's trust deed and be part of its documented investment strategy for the fund to qualify as a suitable borrower.