This may be one of the best times to consider buying investment property.

Here are a few tips:
1.  Select a property in the best location and best school district you can afford.
2.  Watch your budget with renovations. Go for light, clean and fresh. Skip the granite and stainless.
3.  Think rental, not a flip.
4.  A down payment of 20-30% may be required if you are financing.
5.  Don't forget about taxes, insurance,  homeowners' association dues and maintenance when calculating your costs.
6.  Use professionals to do the work. Get referrals and check references.
7.  Know your rights as a landlord and carefully screen your tenants. Remember, this is your property and your business.