15 years on a lease option seems long, but as long as your monthly payment is dramatically chipping away at the owed principal, might not be a bad way to start with no-low money down. 

@James Nix I'm glad she paid, but the fact that she struggled to get the money for rent, isn't a good sign unless she's prone to being overly dramatic. 

Each of these variables will dramatically change the advice I give the individual asking me this question.

You may want immediate cash flow to lower your immediate cost of living.You may want to build a portfolio to add to your retirement later in life.Or you may want to speculate and purchase properties in areas that you think are poised for dramatic growth in the future which will return huge equity gains.

I used to rely on foreclosures when I first started out but have backed off of that dramatically.  

Good news is the market is growing dramatically causing a strong increase in rents & appreciation during the construction process providing excellent cash flow & immediate equity! 

Buying power is dramatically reduced with higher interest (imagine 3% of $500,000 is $15,000/yr or $1,250/month - now 6% on that same property is $30,000/yr or $2,500/month).Here in Utah, we're watching prices start to come down to match the buying power of people.  

There has to be other areas, cities even, that support a neighborhood of folks that speak the language - even moving from NYC to an area like Orlando would cut your spending dramatically.

If you're willing to take a little more risk then neighborhoods right next to the ones that are changing dramatically may make more sense. 

If not, using cameras, kiosks, and electronic locks can reduce your trips dramatically.