Why Shouldn't I Do This?

[Keith Kowalski]

We have lived in a rental house for the past two years and anticipate living here for at least one more year until my wife finds a job and we build up some additional cash.  The rental we live in is a 3 br / 2 ba that rents for $1,300 a month.  The house meets our needs currently but we'd like to move into a 4 br house in the next two years.

Help me figure out why I shouldn't do the following:

*Buy the house for around $140,000 (market value)

*Since we'll live here for at least a year utilize an FHA loan for 15 years (we have great credit)

*After we've lived here for at least a year rent the house out for a minimum of $1,300 once we move into a larger house.  The monthly payment on the house would be $993.  This house is in a nice area and should be rented quickly.

This would be our first rental property and I can't figure out why we shouldn't do this....of course we have to see if the owner wants to sell it first.  Appreciate your opinions.