Foreclosure Field

Hello, I am relatively new to the foreclosure game. I live in Southern California and it seems home prices here may take a downturn and many people may go into foreclosure. I’ve done research and read books about foreclosure, I’m wondering, with how competitive this market is becoming, do you think there is still money to be made? It seems from the time of the NOD, people are set up with a realtor and get tons of mail. Could this market be too saturated to make good deals?
My other question is what are the options that you can help people out in foreclosure, I hear some options here and there but is there a complete list of all possible options (short sale, etc.) and the benefits and responsibilities of each option? Does anyone have any advice on which strategies or options give the most competitive advantage in this market? Any help will be greatly appreciated.