Any debt folks get into note buying?

Everyone in the industry seems very equity focused - even the debt side - when it comes to personal investment. Granted that has been where the returns are the past decade.

I also know there has been a surge in private credit/opportunistic debt funds but I’m talking about finding local investors, community banks, and credit unions looking to offload distressed debt

With tables turning, rates rising, and deals showing distress, I would expect a lot of debt can be bought at a solid basis right now

Anybody ever look into note buying as a personal venture?