My first rehab was sold to a couple buying a house for their daughter to be in town for college. It sat on the market a long time when it came time to sell. Along with the lowering of the price and the 6% broker cost, they probably ended up breakeven at best. I almost thought about buying it back to rent.
You might save money on a monthly basis with a mortgage payment, but the first 3 years of a mortgage are the worst for principal pay down. Maybe average $200/month in principal pay down with a mortgage less than $1100 and that is $7200 pay down in 36 months. How does that compare to 6% of your purchase price? Add in other closing costs-fixing things, repainting, title fees etc and I don't think you come out ahead unless there is crazy appreciation. Less money monthly yes, but there is a big expense waiting at the end. Don't forget the headache of selling the house when you are ready to move and all that they housing market can throw at you.
Lots of people say that renting is "throwing money away" but I think in your case, renting is "buying freedom to move when it is most convenient for us".
Now if you can pull off a rehab while living there like arebelspy suggests, that sounds like a winner or if you really want a long distance rental, it could work out. But otherwise, you're better off renting for such a short period of time.