Readily apparent good deals show up on the MLS from time to time, even in a hot market ... the key is speed to get your offer in fast and lock it up before your competition does.There are two other ways that I'm aware of to get good deals off the MLS, one which is unscrupulous IMO and the other that takes some vision.1)The unscrupulous way: you bid the property at or close to asking price, with no intention of closing at that price.

I currently live in Dallas tx but its a hot market, I have been looking in to Killeen tx or Rio Grande Valley Area, Also Memphis TN.

Our aerated septic is messed up, the well, entire down stairs HVAC is shot, condensing unit for upstairs is toast and the hot water heater.This all sucks but having things gutted and cleaned out definitely provides some sort of relief.  

I have a unit with a Baxi's Luna 310fi combination boiler and hot water heater, tenant report that hit water cut off often during shower.

If this material is "hot" I always have it removed since it is a friable material, generally has the highest percentage of asbestos in it & can easily be disturbed. 

The market is hot in Phoenix.

That can happen in a hot market, or it can happen in a crashed market, and any and all points in between, and a true investor will be willing and able to pull the trigger on such a deal at any time and any market condition.

Atlanta is a hot market, but there is no shortage of deals if you know where to look (we get a lot of off-market deals).

I bought some property in Oakland and Richmond during the financial crisis- but I agree, things are a little hot in the Bay right now..

I do agree it's easy to get distracted especially with the internet these days learning about this strategy or that opportunity or the latest hot market etc .Best of luck with your investing!