Becoming own landlord as first step

[Andrew Pound]

Mt wife and I are wanting to get started in real estate investing, specifically in becoming landlords. The house we are renting right now is a wonderful home, good location and size for a rental, (just a tiny bit small for us as a forever home) and we are contemplating buying it and using it as a rental in the future, say another 2-4 years from now (after we have been able to save for another down payment for a nicer home).

We thought of starting up our business right now so that when the opportunity presents itself to buy this house (we know it'll be this summer or next) we buy it with our business and rent it to ourselves at market value (thus profiting). Are there any potential pitfalls to doing this? Have there any legal issues with this? Any pointers on how or what we need to do to get started with this?

Thanks.