Land Transfer tax 12400 +
Lawyer fee 1600 = 14000
验房费 $500 and much more.
If you include part of the Mortgage fee as a non-consumption part (forget his 4000 property tax), then it will be another $10,000 loss, comparing to renting.
So 350Z is absolutely right. The loss will be at least 70K.
I believe the lawyer is not his brother in law or his father in law. So he wont save a dime on that.