As long as everything goes according to plan, your path is right on target. But what if it doesn't? Make sure that you maintain enough flexibility. Can you still afford to make payments if the interest rate increases by 3 or 4%? What about if property taxes increase? How many months can you float the payment if you have to evict someone & don't have ANY rental income for 4-6 months? What if rental rates in your area drop? Most important, what if more than one of these things happen at the same time? & how would you feel if prices started to decline? This has already started happening sporadically (detroit & boston for example)
Financing of non-owner occupied investment property is a different ball game. There is only a minor secondary market for these loans. You won't get the same terms that you did on your primary residence. Plan on paying a 1-2% premium on the interest rate. In addition, mortgages on investment properties are usually made with a 25-30% down payment & second mortgages are hard to come by. Your payments will also be higher because 15-25 years is usually the max maturity.
All of this is assuming that you qualify for the loan. Underwriting standards are moch more stringent for loans on invetment properties. You need to have higher income & debt coverage ratios than you did to qualify for the loan on your primary residence.
The tax break on your primary residence is equal to your marginal tax bracket times interest & property taxes paid. On rental property, it is equal to your marginal tax bracket times ALL expenses paid (interest, taxes, repairs, maintenance, advertising, utilities, trash collection, etc). You are also able to take a deduction for depreciation. You get these deductions whether you have a job or not.
By "open my own business", I assume that you mean that you want to create a legal corporation? This won't stop you from getting sued- if it were that easy, everyone would do it. Whether you create an S corp or LLC (or the equivalent) it won't affect you taxes because they are pass-through structures.
Don't immediately write off other investment opportunities. You need to chase any opportunity that gives you the highest after tax risk-adjusted return.