Everyone has given you really great avidce so far. People think they can buy realestate and get rich! They forget that furnaces blow and roofs leak. You already have that experience as a property manager and that is a good start. The thing that no one tells you is that investing in real estate is a long term goal. Not get rich quick. Unless you have a lot of cash and can buy properties outright the profit starts real slow. With our current economic situation rents won't go up very fast. The idea of investing is after say 15- 20 years the investments start paying off. If you are smart about it you try to pay down the mortgages as fast as you can. Don't over leverage yourself or you will lose everything. You have to build your foundation with a strong base.You will work really hard for a long time for nothing. You will probably need to keep  a regular job for a while. Some of these forclosures are really great. Even if purchased at 50% of value you won't recieve enough to quit your job. You need to have down payment money otherwise it takes money to make money. The current foreclosure market just froze up with all this bail out stuff. All I see is the short sale and foreclosure market drying right up. Good luck! Don't be foolish and know your local laws regarding tenants and landlords.