We know that distressed sales are attracting cash buyers who are buying investment property so we can assume this is already happening in places like California and Nevada.
But not everyone is good at managing, and some people have a stack of cash and no inclination to self-exploit their labor as a manager; businesses exist to provide management services for rental housing (single family or multi-family) that they don't own. I know this, because I grew up on the same small street as a family that went from managing a string of their own properties to running a property management business.
What I _don't_ know is what the management pie chart looks like for rental housing: owner vs. non-owner, small owner vs. Residential REIT, etc. It's probably out there somewhere, if I can figure out how to ask the right question.
ETA: Hmmm. Not a pie chart, but wow.