Does anyone know if there are alternatives?

If you like the idea of hanging on to your location and fixed living expense, this could be a good alternative that would allow you to enjoy the boardwalk and build a portfolio (just elsewhere). 

From my seat, ROE HAS to be greater than passive alternatives, like the long-term return of the stock market.

Or find alternative ways to finance this next property.

A good deal is just a tad bit better than your next best alternative... which brings us to knowing the market, as others have stated.In the process of learning what deals are out there (learning your market), I think you have to just get a feel for what is possible, what are the returns that you see other investors getting and over time you'll start to get a feel for what a reasonable 'hurdle rate' will be for your capital.It is easy to see how important it is to network and get with other people that are doing what it is that you want to start doing.

Another alternative is to use it as short-term rental, if it's feasible, since you will be leaving on it or next to it anyway. 

It seems that more and more people this year who may not be cash-rich have turned to alternative investing strategies including putting as little money down on properties as possible to get into the RE market. 

The alternative option is to request for a full review, which can take several months, and is not guaranteed to be successfully approved.

That home eventually sold in 4 days $15k over asking for double our initial cost & they didn't mind the neutral carpet.If the tenants have pets it's definitely NOT a good alternative BUT we've also seen some nice hardwood flooring completely destroyed by cats/dogs. 

My alternative option is to request for a full review, which can take several months, and is not guaranteed to be successfully approved.