need advice in becoming a owner operator!!!

I have a plan to maximize my money and become a owner operator I have been driving for about 5 years and I think that I know this industry quite well and I am actually a trainer at a large trucking company....my plan is this: buy a truck cash $10-$15k(either 00-06' volvo or freightliner), buy a used trailer for $5-$8k . Run under my own authority but pay a small company or fleet management company to dispatch me on loads and get a buddy to run teams and I hire him under my company which I plan to make a LLC. Make him a employee with a cpm rate and a payroll check. I know I probably will have older equipment but I will be debt free going into it and I will make money quicker and can build a larger maintenance account quicker. I've talked to a few owner operators at truck stops to come to this conclusion but I want opinions and insight on if this plan sounds profitable(taxes, insurance, authority, etc.) and how to get started and where to go to get off the ground. thank you

 

I planned to be part driver/mechanic/business manager/etc. anyways. The way I see it before I buy anything I would take it through a thorough test drive and pre trip. I've seen brand new trucks on the side of the road just as much as older trucks and I believe if you keep excellent maintenance up on anything that will run for almost forever. Hell...if I make it through the first month it will probably pay for itself and I will have a lot less risk without any payments due

 

I appreciate your insight cabwrecker....probably the only useful post I've gotten so far. I used to work for a small trucking company where they had trucks with over a million miles on trucks and most of them were older. Even though they had more (not alot) of maintenance issues because they had less overhead they could afford to pay is a lot more than a average company driver. also I don't want to be stuck with payments if I decide that being an owner operator is not for me. I've personally seen a lot of owner operators with older trucks but look like crap and have a pocket full of money vs guys with newer trucks or at least trucks that are fighting to keep up with their payments. I'm sure that doing this would be a risk altogether and I think that if I get through the first month without any major mechanical issues that everything after that will be profit and I might be able to buy a newer truck within the first 6 months because of that savings without making payments but I appreciate your opinion. I'm in a 2014 truck right now and I've been in the shop just as much as a 2004 truck I use dryer for the other company I think it just depends on the specific equipment that you have and how you take care of it