Most of the news has been so bad that everyone has forgotten to look at the silver lining. Here's why now is a great time to buy if you're able:

1. Mortgage rates are low,

2. Homes are ultra cheap.

3. 4 million former homeowners nationwide have become renters due to foreclosure or simple downsizing.

Check out http://hotpads.com to see what rentals are bringing in your area. Here's a quick rule of thumb when considering property for investment:

1. Buy something local so you can keep your eye on it easily.

2. Familiarize yourself with the neighborhood. A little due diligence will prevent unhappy surprises.

3. Learn from experts - here's a place to start: http://mrlandlord.com

4. Enlist the help of a good Real Estate Agent - one who's familiar with rental property.

5. Make sure you have enough cash to make the mortgage payment if the tenant doesn't. Six months of payments should be enough.

6. Plan on about 20% down - investor loans have different guidelines than residential mortgages.

So there you have it. Can you hear the Ka-ching of the cash register yet?