Depending on the area and a variety of other requirements, you may be able to qualify for a program that allows for "Alternative Credit" - basically, the lender looks for payment history for things not on the credit report. Additionally, there are some government programs that allow for first time home buyers with little or no credit history.
I would contact a local mortgage professional and ask them what options you have in your area - but before you do anything for certain, I would make sure that getting into the rental market is something that you want to do at this point.
It's a great investment, but your income will depend on college students paying your rent - although I hate to generalize, often times students as a whole are strapped for cash and not all that punctual with their rent. Make sure you screen your tenants.
I got into the rental business about a year ago, so if you have any questions, just ask
