If you buy, the Equity of your home is built up over time, which is a big difference with renting.
One of the risks involved with buying that the potential buyer needs to understand is that missed payments can lead to a foreclosure, where the courts will transfer ownership to whoever you purchased the property from or to the bank.
Yes, you can use the house as a rental property and earn income while you live in and are buying a second property, but keep in mind that this is riskier than owning one property.
Lastly, I agree with the poster that mentioned that the rent vs buy decision depends on what your long-term plans are. If you plan on moving from the area in the next 5 years or so, it probably won't make a lot of sense to purchase a home while you are still in the area.
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