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It's a great idea... after ten years of tossing money to the black hole of rent while in school, I wish I'd have been in one place long enough to consider buying a condo and renting it out. Then again, as others have said, the maintenance sucks. I live in a college town and it would be a sure bet to buy some real estate and rent out to students... but that means I'd have to chase money often (students are often very bad about their rent being on time) and do repairs, or hire someone to do that for me.
So I'm holding off on buying until I know I'll be in one place long enough to deal with all the responsibility of owning, including management/maintenance. That may very well work out for you, though, given your 4-6 years in town. (Is your gf involved in any of this? Be careful with that, if so! Things could get very messy.)
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And think not you can direct the course of Love;
for Love, if it finds you worthy, directs your course.
--Khalil Gibran
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