Is this a good strategy? Please help.

[Diogenes Polanco]

Hello,

I lost my job (company closed down) so the bank won't lend me money because of it but my wife is working , I had her applied for a loan and she got approved. Now we own a house,  my plan is to buy another one to live in and the rent old one (I can rent It for $1200 -  mortgage $700 )  . My question is is this a good strategy to start my real state business?