CNN says 'these are the glory days of the residential real estate investor'. Not the one of a few years back, buying and flipping, but the new breed of vulture investor. They buy distressed properties - those in short sales or foreclosures - and hold on to them as rentals. It takes a long term approach which is arguably the way to go...planning no price appreciation for a couple of years but enjoying a strong rental market and good occupancy rates.
I know of a couple multi-family units coming on the market so if this sounds good, let me know!