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.  

All this is, is a back of the envelope quick tool that gives you a very broad idea of whether or not an investment is actually worth looking further into.

Saul, Phoenix and Vegas are popular markets, but I’m not sure they’ll actually cash flow well with today’s prices and interest rates.

Thank you Brett, that was actually very helpful. 

@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.

You’d be shocked by how little actual screening many PMC’s do!

If you move, renting in NYC and buying an out-of-state property could work, but make sure you have a solid plan for managing it.If you stay, buying in an affordable market and living there for a while could be a good option.

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.