I did this. After one day teaching at the school I was there for 9 hours and was only able to log 4.
I bought a Mooney 74 m20c. Did some small upgrades and then sold half to another guy with the same mission as me me- build time. I flew that plane 700 hours and sold it.
Did the same with a twin. I bought it for 32 with a prebuy inspection that was 17 pages long. I spent the better part of a year dealing with mechanics and dumped 50k into it. New landing gear. New interior. New panel. New rubber everything. I flew it for just 25 hours and sold it in this market less than a year ago so I wouldn't lose money. Was stressed the whole time doing it. I should have just rented from someone. I guess the guy I sold it to is dry leasing it to a flight school and doing well. Insurance to do actual training killed any chance I could make it work for me