There are definitely other areas but i'm assuming you're looking for distressed value-add properties. 

For now, ideally looking for distressed properties and/or to partner with a rehabber/developer/flipper in SoCal (ideally SD or OC).

@Derek Jones to me it seems like you can help distressed sellers faster and make more money from an assignment fee by getting the home under contract below market value. 

Maybe a direct mail strategy to distressed home owners would be the best way to go about this.

@Christopher Kolasa I work in the Nashville market with specifically distressed properties for investments so can offer some insight for this market.

If you are dealing with a distressed seller, you have a better shot at a lower offer getting accepted. 

One morning told my wife I want to start looking for multi unit properties and pulled up multilistring on the web, after a few minutes saw the property, saw the potential, did some light due diligence, called my realtor, walked it a day later, pulled up tax records, noticed owner behind on payments and it was distressed just enough to make it tough for him but perfect for me & rents were below market rate stress due to lack of improvements...bam!

There will always be distressed properties with value to add, no matter what kind of economy!

the question is would it be monetarily worth it.. no question it would save some landlords some major distress.. 

Just started out here, looking find more information about distressed properties, and  agents that specialize in working with the homeowners to sell them