I wouldn't do this - most states have laws about renter's rights - you can't kick them out without a long lengthy legal battle. However, buying a place is a good idea.
One idea is to buy a place, perhaps a duplex. Rent out one side and live in the other. I mean face it if you go to the same law school all three years that rent adds up. In addition, you get to pick the tenant and can basically give 'em the boot if they are a pain (make sure to only set up a month by month lease). Shoot, you could even give 'em the boot right before finals just to be sure. Even if you lose 10k on the place when you sell in 3 years you'll still come out ahead.