Being a NYC resident (originally from Long Island), the price of entry in the area is on the higher end, so I've been considering some options in the NY Capitol region, as well as NJ and CT.

But it would be nice to have an option to uncheck that box this time around since they're already in place.

I was willing to pay but there isn't an option.

Creative financing options like seller financing or assuming a low-interest FHA loan can also help you secure better terms.

I am slowly going crazy with how expensive Massachusetts is and I am leaning towards looking at cheaper foreclosure properties.I understand there is some risk to this but I am beginning to think this is the only option I will have because of how fast the market is growing.Thank you for any insight you may have!

Talk to the seller, but options are to cancel the sale (and risk losing your deposit), renegotiate to lower the price to allow you to fix the problems or ask them to fix it. 

Would this be the ideal market, or are there other rental options we should explore? 

Meet with financial advisers/wealth managers and see what other options other than real estate there are and how to best allocate / diversify. ie have you maxed out your TFSA?

Be prepared that they will be promoting an optional mentorship program at the end.

If they do need financing, then speak with your lender about their new build financing options.