Is it a wise choice to buy a house rent and can you make a profit?

Details are that we found a house for 119,000. My husband is available for a VA loan and we are contemplating whether it is a wise investment for two people about to go to college. We are both 22, and the thing is we are contemplating taking the loan, buying the house. My father who is a trustworthy person on payments wants to rent it and the rent would be automatically paid for the loan payment and he would do the repairs to the house that need to be done free of charge, he has been a repairmen for 30+ years. Is this a smart decision? We could use other opinions who might have more experience in this.