I have invested in the US market for the past 2 years and I recently came back from a 3 weeks trip in the US, Atlanta and Florida, 2 very different markets where I have established trustworthy relationships with real estate professionals who are honest and competent, charge a fair fee for their service and most of all are investors themselves.

I went every day with my broker, property manager and renovator in the field inspecting properties..rejecting the duds and bidding on the gems. The location is everything and there is nothing more valuable than local knowledge. Some "not so good areas" have been regentrified but still have the social stigma sticking around. Don't be fooled, my broker says about the value of some of these properties sold in mid 2000s, some agents pull those figures to seduce you but the reality is that those figures were grossly inflated to start with and will probably not reach the same peak for a very long time if ever. Most well located properties will increase in value over the 5-10 years, so I believe, but US properties are great for cashflow In Atlanta particularly, if you just want to invest for capital growth, I suggest you look at Phoenix and some of Florida or the up market suburbs in Atlanta like Sandy Springs and The Druids.

Whatever you do, you must absolutely see the US market very differently than the Australian one. It is not a fad but a great opportunity for people thinking ourside the box and with a smaller capital that does not allow them to get a positive cash fllow income or even invest in Australia.

While I was there  purchased a Fix and Hold deal, duplex for $45K, with about $12k in renovation costs, the result is a net yield of 20%. I will post the whole experience on my website as my renovator can do the renos in 10 days and my property manager will find some within 3-6 weeks. It is located in the Dekalb County closed to a university, shops and transportation.

I have posted a "Risk Management Plan" specifically for the US properties, follow this link for more info.
http://smartrealestateusa.com.au/category/real-estate-usa-blog/page/3/
All the best!
Elisabeth