brand new member, question about starting out.

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Hi, I'm a new member, and I'd like (probably need) some advice.

My girlfriend and I are thinking about investing in real estate. Our idea is to buy relatively cheap condo's and renting them to students.
We've only just bought our own house, and lacking a down payment we needed 100% financing. I still have a lot of credit card debt to pay down, before I can even start saving for a down payment for an investment property. Our plan is for me to pay the credit cards down to a comfortable level, and then send money to our principal as much as we can.
We will then get a home equity loan to use as down payment for the next house.
I'd want to keep the loan to less than appraised value of our current house to keep all interest tax deductible.
The question is, is there a compelling reason why this would be a bad idea?

Thanks for your input.