Pay cash and finance later?

[Ben Gordon]

Alright everyone, first post on BP and getting ready to make my first purchase. I've got a strategy and I'm looking for all of you to back me up or tear it apart! ???? I want to hear your thoughts, based your experience. Here's what I got:

I have a lender ready to finance for $30k+

I have a single family 3/2 property with an accepted cash offer of $25,000

The property will need $5,000 in repairs

I have my realtor/property manager/repairman ready (his business is a "1 stop shop")

My estimated rent is $700/mo

Monthly expenses are:

10% Mgmt- $70

Tax- $67

Ins- $49

10% maintenance- $70

= $256/mo

Now here is where my plan comes in...

I'm going to purchase the property with cash, fix it, and finance it...so I ultimately have $0 out of pocket. The only thing I plan to pay for is closing costs ($2,000). Here is what the numbers will look like:

Finance $31,000 (purchase price+ repair + misc)

Loan - $262 (15yr)

Expenses - $256

30 day vacancy- $58

= $124/mo cash flow

Now after going to the bank, I get my initial investment of $31,000 back in my pocket, off to the next deal, and I've only spent $2,000 for closing...

Thoughts?