Definitely look up some of the meet ups in the area and start getting to know the players.  

But odds of it happening without a major player or developer plowing money into it..?

Avoid the national players like Chase or Bank of America.

Check the newspapers for auctions make note of who is doing it they will have a separate website usually several players do many of them.Check out the Start Here page http://www.biggerpockets.com/starthere Check out BiggerPockets Ultimate Beginner's Guide - A fantastic free book that walks through many of the key topics of real estate investing.Check out the free BiggerPockets Podcast - A weekly podcast with interviews and a ton of great advice.

if your talking about actual courthouse steps purchases your chances are zero unless its a close friend family etc.I do a little of this but would only consider the absolute most experienced players.. way to much can be missed buying at auction..

Many players are saying - we can't build it for this, and if we can carry it for a few years, the rents will catch up due to end of stagnation of incomes, lower unemployment, and inventory.  

@Michael McCartney It is great to see another Ultimate player on the forums.

True wholesalers do not need BP market place. they simply sell to the turn key guys in the markets they are in, or to rehabbers.what you have is a bunch of newbie types that learn on the open forum side then default to market place to try to sell things, so your not getting the true players in the industry in the market place by and large..

The market is made up of a lot of players of varying sophistication (RE hedge funds probably at the top of that stack).

Just when I was graduating High School and I was still only 5'4", it was obvious I wouldn't be a pro basketball player (Spud Webb I was not).So, welcome to the amazing and rewarding arena of RE Investing.