Thinking about buying a house.

And I'd like to get some opinions/advice. I'm currently in Korea, but I'm returning home to the US at the end of February. By that point, I should have about $10k saved up and no debt (I just paid off my student loans).

I'm hoping that if I can get a decent-paying job, I could just use my money as a down payment so I can pay a mortgage when I get back. Home prices in my area are pretty inexpensive right now. I can get a 4-bedroom house for about $70k. If I do that, I can rent out a couple rooms to my friends or students, and earn enough from that to cover most if not all of my mortgage payments.

I'm young, and don't have a long credit history (student loans, plus a rarely used credit card), but it is a good history.

EDIT: Upon further research, I've decided that a 80-10-10 "Piggyback" mortgage may be right for me. Does anyone have any experience or advice regarding this kind of loan?

Am I crazy in thinking that this all might work? Advice appreciated.