Buying SFR in Grad School; Loan Qualification w/ Student Loans

[Corbin E.]

Hey all--I've been crunching some numbers lately and am interesting in others' takes on my situation. If I do go this route, it will be my first home purchase. 

Backstory

• Moving to Austin, TX in August where I'll reside for at least 2 years (during school.
• GF living with me and paying half of rent
• 1/1 condos/apartments in Austin are going for ~$1300/mo 
• I'll have $15K in savings starting school and will be on loans to fund tuition costs

Cost/Benefit

• If I buy, that $28K lost from renting becomes equity that is mine forever
• By owning RE in Texas, I'll qualify for in-state tuition my 2nd year and will save $18K
• By purchasing a property between $175-200K, I project my monthly mortgage will be in the realm of $800-1000 total. This equates to $150-250/month that BOTH my GF and I will save. 

After running the numbers, it seems as that buying potentially carries a $50K benefit over renting for the 2 years while I am in school. My concern is financing the property--I will have ~$15K for my downpayment but ideally would target an FHA 3.5% down product and save the remaining cash for anything that might come up. I have a solid job right now but will be leaving my job in August to move and go to school. If I try to qualify for the FHA loan, will I hit any roadblocks in terms of not being employed while in school? I'll be paying the mortgage with the student loan money I would have put towards rent anyhow. Upon graduation, I would rehab and flip (if leaving Austin) or potentially rent it out to future college students. Thanks in advance for any tips on this deal.