That's the plan! Buy rentable properties (three bedroom minimum) in decent neighbors. Rent it (positive cash flow), let the tenant pay your bills. Downside is that due to current credit markets, you may have to put 20% down unless you can find an owner to take back a mortgage.
I've been to the settlement table five times in the last year. The first one is the toughest, but once you are over the fear factor we'll start calling you "Trump".