FindSingle family purchase in hot and low inventory market

[Brian Powell]

Hello BP'ers!

I am looking to purchase a single family home for rental property investment to buy and hold in central florida: Merritt Island or Melbourne area. The problem here is the inventory has been so low it is around 2 months inventory and it has prices very high with bidding wars common. I know that it is important to buy at a good deal if it is an investment to hold, paying retail price should not be an option. Can you please tell me the top places to look for buying a single family house not in traditional retail market? For those who buy foreclosures, is that typically done at public auction for the county? Any other ideas would help also.

Thanks for your help

BP  ( my initials ;) )