Getting in to the market, page-87

I'd love some opinions from you guys on this.

Living at home, 40k/year, no real expenses each month.
I'm thinking about buying a cheap investment property (up to $190k, giving me $250 a week rent/12k a year gross), paying that down as much as possible for the next 18 months, using the equity to buy my own cheap crappy place. The rental will be paid off after 6-7 years which then would help pay off my place.
Mostly stuck on the idea of having a rental help pay off my home loan, making it easier for general costs.

What do you guys think?
pros/cons?