I know several former classmates who ended up purchasing a house during their career as a student and acting as a student, tenant, landlord and property manager. There are pro’s and con’s to owning a home when you’re in school and renting out the additional rooms to your friends.
In my opinion it all depends on your personality & management skills, your budget, handy-man (or woman) capabilities, and the economy. I am certainly a fan of hard work and wise investments. Do you have what it takes to not let your friends/roommates push you over when there is any conflict or rent is due? Can you keep up with regular maintenance, collecting rent, paying taxes and manage your school work? Do you have enough cash to purchase and maintain a house & could you make money on the purchase by the end of your college career? These are just a few questions you could ask yourself to see if you are ready to take on the responsibilities of being a landlord.
A well respected student housing blogger, Bill Carey wrote a great article going into detail about this topic. You can read his entire blog in Off Campus House - 7 Tips For College Students to Buy Your Own Off Campus House.
I can honestly say I can not recall any horror stories from my fellow student-landlord friends. They all seemed to enjoy themselves and had a little extra cash on the side. Some even continued to rent the house after they graduated!