Advice for conflicting priorities! Paying for school and a house.

[Amy Summer]

Hello BP world! I am simply seeking advice to help sort out some conflicting priorities. I have been searching for my first home/ potential rental, although this would be a buy and hold property at first. However, I recently got accepted into a medical program for my master's degree. I will need to relocate for approximately 2 years, and I will no longer be able to work until I graduate. I have managed to save a substantial amount of money that would either A) cover my entire tuition and living expenses, or B) afford me my first long term property (with future rental potential!) I have considered the idea of taking student loans if that would allow me to invest part of my savings in a property (Conventional 30yr. at 10% down is what I had in mind). If I go down that route and proceed with buying a home, then I would rent it out while I am away. In this case, it would not cash flow, but prevent me from defaulting on my mortgage. By taking student loans, I will also still have the funds for any emergencies.  

With all of that said, my question is whether it would be wise to forgo buying a property for now and essentially pay my way through school, OR invest part of my savings prior to starting my program, obtain a property, and carry out student loans for tuition and living expenses. The obvious pro to paying my way through school is that I would remain debt free, but I would have to rebuild my savings and I would miss out on any equity gains for those 2 years. Is this a reasonable plan or am I being overly ambitious?!