Should I buy a truck, trailer and go to CDL school for this driving contract?

I'm thinking about buying a truck, reefer trailer and going to CDL school to haul produce for the company I work for.

I work as a machine operator for 12 hours on Sunday and Tuesdays, make a decent amount ($650), the CEO really likes me and is offering me the rights to haul his produce 2 months from now when the contract with the current Owner operator ends, apparently they have issues with him on a weekly basis.

My Budget is exactly 22k
So these are the actual numbers and digits:
EXPENSES

1. Truck, 1997 Volvo wg42t, cummins 275HP, 148k miles Single axel daycab: $7,500
2. 2003 Wabash 46 footer with a Thermo King (8k hours): $4,250
3. Getting all permits, taxes, paperwork: lets say $2,500
4. Any minor work the truck might need: $2,500 (Truck looks fine, just making a worst case shenario)

Profit/Mileage/Haul

• Twice a week, Mondays and Wednsday
• $625 per trip flat (No fule surcharge or bonuses)
• 230 miles round trip
• 1 Toll, 13 Dollars
• Time from start to finish, 5 Hours

So the way I figured, I way I figured I will make $1,250 on two trips, and after fuel expenses... lets say $375, I'm left with $875.
What do you guys think? This is the whole reason why I'm getting into the trucking business, doubling my money with 10 hours of work.

Of course I don't know anything about owner operator, so I might and may have more expenses I don't think or know of yet.

Please be brutally honest, I would like to read what I should hear not what I want to hear.

Thanks a bunch people

 

I was told the HP can be increased by a Mechanic in the Cummins dealership, don't know how true that is, but I don't think it needs much horsepower, there are not many hills (done the route in a straight truck many times) and I don't find it quite difficult on the truck engine.

Are you serious about the 10 hours? I though it made it a bit slower on the overall trip, but not that it would make such a different.

I should had mention that, sorry, I'm going from Allentown PA (Mid size city) to Spring Valley NY (1 our off NYC), I will cross NJ on the way... so the trip takes place in 3 state lines.

Most of my friends told me insurance wont be more than 700 bucks, I will also keep 2k in the "mechanical jar"
I kinda though about getting a back haul, but I doubt there will be any clients open at 10PM (when they want their stuff delivered)... I was thinking about getting a sleeper so I can stay nearby and wait for a backhaul in the morning, but I don't think is worth it.

OMG 12k for insurance, that's insane, I was told 750 max by my friends. I'm hauling produce, all and all it will be about 35k of cargo on the reefer trailer, plus another 10k for the trailer itself (the trailer is tandem).. it comes out to about 50k pounds worst case scenario (Including trailer). The trailer gets 36k pounds on the tandem axel, and the truck gets 18k pounds on the rear, so I'm pretty safe.... I think.
Plus the pallets are different from one another, I can put the heavy ones in the back, and the lights ones in the front.
As far as the reefer, its pretty cold nowadays, the produce needs to be kept at least at 45, its colder than that every night here... and the reefer was services by thermo King 800 hours ago.. the owner told me it should be good to go, and he even has a spare compresor he gave me with 4k hours on it.

The owner operator with the contract is currently hauling our produce, he is very unreliable, he has a full time job, and takes our cargo as secondary, so whenever he does 12 hour drive or something, and our stuff is ready for him, by DOT law he makes us wait until he gets his rest. Not to mention hes been absent more than a dozen times over the course of a year.

 

Why is that, I'm spending the majority of my savings into this, so if I can back out of it, I will.
Please, why do you think that?