Rent my PPOR & Buy More IPs

Hi

I need help with this structure to assess whether it is a good idea.

I now own my own PPOR but want to upgrade to a bigger home with a big mortgage.  But then I got the idea to rent it out my current home with no mortgage against it as an IP, then I go out and rent a nice big home to live in.

My home is fully paid off and I should get $600p/w for my place and I wanted to rent a place for $1200pw.  So its costing me only $600 to live in something substantially better than my own place.  Maintenance costs & depreciation on my place would then be tax deductible and I am not tied into owning a PPOR for which I get no deductions.  As far as the CGT I can always move back in within 6yrs to eliminate CGT completely.  If I bought a house my mortgage repayments would be $1200p/w (whilst the renal is the same amount it is subsidised by my rental income so i am actually out of pocket by $600p/w), and I am not having to pay Stamp Duty Charges which can be as high as $50K.

I understand the disadvantage is that as a tennant I have issues of expiring leases and could be asked to vacate unless I try and secure a 2 year lease if such a thing is available.

Any input from anyone…… sounds like a great idea.  

Maybe an article has been published somewhere that you can pint me to with Pros & Cons of this strategy.

Thanks

James