Realty, A Good Business Idea?

May 1, 2010 I and my wife purchased our first house. We are only considering it as a lot purchase because house is and old and due for renovation or complete replacement. Being an old house the properly price is quite low that we consider it a blessing. Our next step is to save money for house construction. Yeah! we are replacing it.

Now here is the business idea. To buy these kind of properties (old house in a good location) via bank financing then renovate the house and sell it for rent to own scheme.

here are the pros I am thinking:

1. We are able to help others by the rent to own schema and like financing for them to get their own house.
   
2. Cash flow that will allow me to get rental actually higher than standard because of the scheme. Cash flow that will allow me to acquire more properties.
3. Guess I also get good reputation form the bank.
   

and here are the cons:

1. Lessee's capability that finish the contract.
   
2. A bit higher monthly payment.

Is this a good Business Idea?