Tell me why this is a bad idea

[Robert Starnes]

So, I have a "Hoarder House" that I will have roughly $75,000 invested in by the time I am all done with the renovation. I own the house outright with no mortgage. Renovated home value will be @ $320,000.

What if I go get a mortgage on the home for @ $240,000 and then rent the house out going forward? Current market rent in North Atlanta area looks like it would be @ $1,800 / month.

I would take @ $15,000 and set it aside from the mortgage money and set it aside to service the property needs going forward. 

There is little to no monthly profit in the rent after servicing expenses however I would retain control of property. This way I would make a nice profit on the home, keep the house, and be in a position of having an appreciating asset that could be refinanced every 5-10 years or sold later if needed.

Having already done a very profitable fix and flip this year I'm not sure what the tax implications would be, but maybe the mortgage "profit" would be viewed differently from the profit of an outright sale of the house?

What's wrong with this plan? 

Thanks for your input!