From what I've studied this can be done by purchasing in an area that has all of some combination of population growth, job and wage growth, limited land to build, housing shortages, neighborhoods on the rise etc.

Unfortunate  situations can be gold mine to others...i.e There are are some professionals like house lifting companies that made absolute killing do to the EQ.Also engineers and some builders were booked it 12 month ahead of time...Shortage of skilled workers will be an issue.

As you know, when there's a shortage of property, your area goes up.

However - the Charlotte housing shortage plus rent increases are serving to improve the tenants in these neighborhoods.You will find many SFH & MF properties in Charlotte offered for high prices - but many investors are also fixing these properties and placing market rent tenants, and then offering these properties for 9-10% CAP rates.  

Hey Ryan, There is a massive shortage of housing for buyers and renters in our market.

@Chris Low Tesla investment in the Reno area is a part of what is being billed as the 'largest industrial park in in the world' RENO TRICIt's likely to bring mostly skilled and unskilled labor jobs needing B- to C- housing.Take a look at this article from the Reno newspaper regarding the housing shortage RGJ ArticleThere is opportunity in my opinion.  

There is a major shortage of affordable housing here in Philly as well.

I told the seller that I was not going to close on the deal unless they came to the table with the shortage. 

I do know there is a shortage of rentals as I have tried to book a rental myself .  

There's certainly no shortage of attorneys in San Diego and you should be able to find an experienced real estate attorney, but they are pricey.Feel free to contact me if you'd like some referrals to SoCal based carriers, agents and attorneys.Best regards,Rod