Actually there are deals everywhere but some take a little more work to find.

Smart investors have the money to cover closing, keep reserves, cover the first couple of months expenses and to cover the down payment which is variable. Investors don't always need a loan, but when you do, figure the cost of money at each interest rate so you stress test the deal. Keep in mind there are different tax rates and different insurance rates depending on where you buy, what you buy and how you buy. 

For instance buying off the MLS is the most expensive but you may feel you need the comfort level. While buying creatively "of market" will be the cheapest, but you need some guidance to do so.

There are always deals, there just aren't always people who know how to put those deals together.

Make a list and start gathering:

Pick an area find out the "average" price you are considering then track down

title costs

escrow cost

any transfer costs

what the property tax will be after you buy

any HOA fees/special assessments

cost to prepare the property for renting

utility costs

lawn care/snow removal

repairs/improvements

You'll soon see that it's better to know up front what your true costs are

That's a good list for a "held rental". We cut through that kind of long term worry by offering the property to end buyers as a Lease Option. The optionee covers those costs. There are a lot of ways to build an investing approach. I hope you don't get overwhelmed. Sometimes it cuts years off the path by being guided through the process.