Is this a bad idea?

[Dwayne George]

I found what I think is a good deal in Wilson, NC (this will be my first deal).  I found a house with a tenant already in it, who has already agreed to stay and sign a long term lease at $950/mo.  The house is a 1,300 sqft 3/2 home in pretty good condition.  The tax value on the home is $105,000. Asking price is $50,000.  I'm thinking about doing a little creative financing on the home.  Please tell me if you think this is a bad idea! .....

I have some creative financing on the home I'm living in already in place.  I was provided cash to purchase the home, and do not have to start paying my lender back until January (only interest until then).  I have about $160,000 in equity until then. After January, I'll have around $35,000.  I was thinking about getting a loan on my current home for the purchase price of the rental house.  After I buy the rental house, I'll take out a loan on the rental and pay myself back the money borrowed on my residential home.  This way I'll have the money I borrowed on my own home back well before January, and I'll just be borrowing against the rental home.

Good idea, bad idea, or terrible idea??  Any advice is appreciated! Thanks!