This just my observation not a fact.

I've only been through two cycles before, but here's what I've observed last time:After a crash, it takes up to a year for people to lose jobs. 

@Mike Dunn When you say you kept your eyes open, you mean a property that you observed was not being cared for, and took a shot and found out, through tax records, that the owner is willing to sell? 

Once they're stabilized, what actual economic vacancy have you observed in the last 3-4 years?

Now, this is only my observation, but it appeared that as home values dropped, foreclosures increased and more people sought to rent.

I'll agree with others and the observation that you will  need to analyze and make lots of offers before you strike gold.

I went to the Horry County tax sale Fall 2016 to observe.

I've been a quiet observer on Bigger Pockets for a long while, and I am a huge fan and have learned a ton.

First, if the defendant either shows up or sends an attorney to delay or contest the sale, you are present to observe. 

From my observation, the funds are buying properties that are mostly turn key and/or in very stable neighborhoods.