Buying Real Estate While In College

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Im a sophomore in college and I've been thinking lately: "hm i wanna buy a house"

My ideal conditions are a 4bed/3bath house for 110k. I would move into one of the rooms, so I dont have to live in these smelly dorms. Also, I would rent out the rest of the house by room for 450 a month and thats what I would use to pay the mortgage off.

I would get the down payment from myself, my parents, and a previous professor that's interested in investing his money into the house for a future payoff. I would get the mortgage from a bank with my parents as cosigners.

I've also considered doing land contracts or owner financing if I can find the right person and set up the right contract, but every person I've called on craigslist about owner financing is trying to do like 25% down and 12-14% interest :/ it makes sense but its kinda lame since its too high.

Should I go through with this if I can find the right house? Is there any way I can get screwed over? I think its a very good investment opportunity and I can just sell the house after college, or live in it, or even rent it out.