Please point out flaws in this plan

OK, so here’s my situation:
I have 400,000 saved up and I’m not expecting that money to go anywhere. I know it isn’t much, but whatever…
I just had this idea. I LOVE Danshui, and I have some friends starting grad school at TKU in Danshui. I’m noticing some very reasonable prices on 591 and 104, so I had this idea.
I want to buy a house in Danshui (in 2011) and rent it out to my friends that year. There will be probably two, or at most three, of them. I can easily get their rent to cover the monthly payment.

But this means I need to secure a loan from my bank. Right now my current bank (with the money) is Huanan. How would I go about getting a loan from them? If they wouldn’t grant it, could I use my girlfriend as a guarantor? I’d prefer not to involve her if I don’t have to. Eventually we’ll be married but I want the property to be only in my name until that time.

So what would be the best way to execute this plan?

Banks will generally loan up to 70-80% of the value of the purchase. The buyer is responsible for paying the rest outright at the time of purchase. Some quick math would show that step one would be to save some more money on top of that 400,000 to make a downpayment…