Is this a smart idea?

[Trio Martinez]

I want to attend a school in Davenport Iowa. (I'm originally from Chicago, IL) I have been looking for a property to buy in my area, but I thought it might make sense to purchase a home close to school there and live in it rent free for 3-4 years, while possibly making a little extra income. I don't have any knowledge of the area and I'm not sure this idea makes sense.  I am also 37 years old not married and no kids, so I'm mature but not money savvy. Yet!

 Any advice and thoughts are greatly appreciated.