Is this a good idea?!?

[Oscar Macal]

Hey guys,

The deal is, I was looking to buy my own house to live in. The property was new construction, but long story short, because my job has a base plus commission pay scale, and I haven't been there 2 years, they could only use my base to qualify me and my base was not enough to qualify for the loan I needed for my home. Not wanting to "settle" for a "lesser" home than I want, I'm switching up my game plan and want y'all's advice.

I've decided I should stay at my parents for a while longer, but go ahead and purchase my first rental property with the loan I've been approved for. I've been approved for $138k, but have NO intention of spending that much on a rental home. I'm thinking something more along the lines of $70-$90k purchase, with $20-40k of equity. I figure I can get a tenant in, and on a property purchase for $90k @ 6% for 30 yrs with 4% tax rate(which is on the high end of the area I'm looking at), would give me a monthly payment of about $840+ insurance and misc. = $950, I could profit about $100-$200 a month (nothing spectacular, but it's still income). Do this for about a year and continue saving money, and see about selling to pocket the equity or if I can, keep the property and cash out refi it, so that I can purchase my own house with the equity as a down payment and hold onto this one, if possible?

Any flaws in my plan, or can I do something more effectively?

Any input is appreciated?