Seeking out investment options: No debt, no rent, no mortgage

[Zack Thompson]

Hello!

Just came across this community while googling advice on potentially investing in rental property. I will try to keep this as concise as possible. 

I just turned 25. I'm married, have a BS in Film, finishing my MBA in Technology Management this December. My wife and I have decent paying jobs (<$100k). No children. We are debt free thanks to family, frugal living, and tuition remission (wife works for the school where we obtained our degrees). On top of all that, we live on campus as part of her work requirements and we don't pay rent or utilities. We live very much below our means and the majority of our income goes towards savings. 

We have future goals, such as buy a house, have kids, relocate, etc, that are approaching quickly (within the next 5 years). However, I have this feeling that we could be using our savings more wisely given the situation. I've been looking into buying rental property near the college to rent to graduating students since we have a connection with the school. However, we don't currently own a house and we plan to later. Will a decision like this hinder our house buying process in the future? 

Is my thinking on the right track or am I way out in left field somewhere? I don't personally know any serious investors, which is why I am coming here to ask this network of lovely people :). Any advice is welcome. Looking forward to hearing your thoughts. Thanks!