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I think that you've answered your own question - if there's no way in hell anyone is going to loan you the money, your dream pretty much dies on the vine. However, you may be a better credit risk than you think. It's also theoretically possible to use your student loans (which carry a lower interest rate and can be used for things like mortgages and rent) to finance this endevour. If you have some capital for a down payment and you disclose that you plan on using the property as both a home and an investment property, banks will look at you more favorably since you'll have a dedicated income stream. You probably want to have the house along with tenants lined up before you go for the final talks with the lenders, although you probably want to discuss the concept prior to spending that kind of time and energy.
Real estate is generally the safest and best investment out there, but you need to be careful about what you buy and where.
And I also wholeheartedly agree with HamiC that being a landlord can suck. If anything goes wrong, you're the one who has to deal with it, so be prepared to repair leaks or replace fuses at odd hours of the day and night.
Good luck!
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