The only other option I see is a short sale, if you don't need to purchase for a few years and don't mind a temporary credit hit to save the $60k.  

It’s more about offering a different option for owners who need capital, and offering investors to access the world of real estate investing fast and smart, like never before. 

If maintaining cash flow is your primary objective, you might want to explore other options.

Keep in mind that many responsible agents tend to be conservative with their valuations, especially in today’s market, where properties aren’t moving as quickly as they once did.If we’re in a conservative market, pricing on the lower end may make sense, but it’s always good to weigh your options carefully.

You want a property that has the highest probability of maxing out on appreciation.Once done, you would want to explore the options below to maximize your rental income:- STR- MTR- Rent by RoomYou should go into this understanding YOU will live in the worst unit - in an illegal unit in the basement if you can!

The only question is how many will come back, when coming back is an option. 

@James Tobin  yes FHA will be a very low downpayment option for you.

And sounds like a good set of options you are looking at.Here's some data and visualization on recent trends in some of the markets mentioned here.

The way I see it, I have 2 options: 1) inform her of her responsibility to turn on the heat or be liable for any damages caused by the cold weather or 2) turn on the heat myself.

Unless you have heavy overhead and 1000+ LOs this is the most cost effective option 5.