Are you looking for distressed properties to rehab or rental ready properties? 

At some point the reckoning of all those outstanding mortgaes and taxes are due - where there will likely be many foreclosures / short sale or other distressed situations on the market 

I have seen Triple net leases but I should probably state I am looking for more like 2-5yr terms and would be looking at distressed SFH's.

I would also recommend a good general contractor who has a good eye for things and is organized, I pay mine $100 to go look at the distressed property and take a walk through video and tell me what needs replacing such as subfloors, mechanicals, roof, ect.

If there is equity, you could look at purchasing directly from the owner (who is likely a distressed seller), or purchasing the note from the hedge fund and pursuing DIL or FCL yourself. 

Welcome, @Alexander Jones.Yes, SoCal can be a tough nut to crack for newbies.A couple years ago I mailed out lots of letters to homeowners in LA County with no luck.Then I tried rural Kern County and got a deal from a distressed homeowner in California City.The margins were not as large as they would've been in LA or OC, but I was able to rent it out for 2 years before fixing it up and selling it for a decent gain.Also, have you considered an owner-occupied small multifamily for your first deal?

Welcome, @Michael GlotfeltySoCal can be a tough nut to crack for newbies.A couple years ago I mailed out lots of letters to homeowners in LA County with no luck.Then I tried rural Kern County and got a deal from a distressed homeowner in California City.The margins were not as large as they would've been in LA or OC, but I was able to rent it out for 2 years before fixing it up and selling it for a decent gain.Also, have you considered an owner-occupied small multifamily for your first deal?

The mechanics are easy, but you are dealing with distressed sellers and situations. 

I personally do not invest or work in this market, however I do deal with several wholesalers who do business in Jacksonville and they seem to be getting a lot of distressed properties that look to provide decent returns.   

You are basically describing turn key providers.They buy distressed properties, rehab them, get them stable with tenants and then sell to investors.