Screen all your tenants thoroughly. Your focus on screening will ensure that you have dependable tenants.
Try buying in heavy foreclosure areas if you can afford to hang on to the house for a while. These areas generally will be profitable after some time and people that buy low can sell high, and those that buy when the market is low can make a lot of money. Remember that it could be a while before you are able to cash in.
A property manager can prove extremely helpful if you're not able to devote the necessary time yourself. They must be paid a fee, but you save a great deal of time by using them to handle your tenants.
Patience is key when you're looking for property at the right price for you. Look for properties in a further radius to find anything.