The plan you are considering is excellent and one that you should pursue. If you have any inclination to build wealth, you are looking at the right options.
There is always a 'however.'
If you are not displined to work within a budget.
If you do not have an attorney on your team.
If you have no expereince in calculating real costs, repairs, maintainence and admin, this could be expensive OJT.
If you do not work with an accountant and have no home ownership experience, this could become a situation with a costly outcome.
Many, many, many inexpereinced citizens have elected to build wealth through real estate options and have been VERY successful. You should choose to acquire the knowledge, skills and team members to increase the likelihood that this is but the first of many pruchases.
Best of success to you.
That is the best way to build wealth in real estate!! Think of it this way. 30 years from now, would you rather have one house paid off or two? Once you figure out the answer to that question, the next question is 30 years from now, would you rather have two houses paid off or four?
My investors do exactly this and I assist them every step of the way. You should sit down with an agent of your choice who works with investors and can show you tax saving methods of doing this and has experience with working with investors.
You can start looking for properties on the web reference link below to familiarize your self with the Lawrence Kansas real estate market.
Thanks for your question and best of luck to you in building wealth through real estate!