In other words, you can take full advantage of the fact that current rents in a depressed real estate market are based on yesterday's high real estate prices. The rental income that was designed to support a mortgage on a home that cost $390,000 will put a pretty profit into your pocket each month if your mortgage is for half that amount.

The Top Five HOT Real Estate Income Markets in the U.S.

1. Austin, Texas - or most of Texas, in fact. Texas is still one of the fastest growing markets in the U.S., and that growth is fueled by continued economic and job growth, which imply continued population growth.

2. Florida - Like Texas, Florida has been a hot commodity for years now. Many of the major cities are overbuilt, and investors who planned on making a quick turnaround with new construction are holding properties they can't sell. Rents are high, and vacation rental income is even higher.

3. Atlanta, Georgia - Atlanta has a surprisingly vibrant home market, and a mobile population drawn by burgeoning industry and beautiful climate. The high student population and many short-term career hoppers make the rental market a prime one, while low home prices make it a great investment opportunity.

4. Suburban Boston, Massachusetts - High tech, industry and education combine to make Boston a hot rental market, but the real values are in the semi-urban towns that surround the city. Falling real estate prices and rising rents combine to make rental real estate an excellent long-term investment in this area.

5. Las Vegas - Sin City is right up there with the most overbuilt areas in the U.S. Rising real estate values drew investors, and the glut on the market has driven those values back down again. However, the city continues to draw population and to grow, so this is the time to buy in.

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