Good luck it could work out, but you are playing one of the riskiest games in town.
I remember sharing a house in Middle Park Melbourne 35 years ago, great classic federation 5 bedrooms rent $50pw. Now would be over $1000pw
How about the wife and kids, plan on shifting at least 2-3 times. Never having control over maintenance, permanancy and colour schemes etc. What sort of life is that. Every one of my permanent renter tenants over 40 is a loser.
Can be done look at Fat as an example.