No one will give you a straight answer. This is a segment of the market where no one wants to share their contacts. You should also have a good handle on your local market, be able to travel distance and do BPOs. Also you should have a good bank roll of funds. The banks as sellers will require you to have repairs done and utilities put in your name. They will reimbuse you as they see fit and when they see fit. Some are good...it might take six weeks..others...well it could take a month. I have extensive REO experience. It's not for your average agent. 

You are about 5 years too late. With better control on lending I am sure it will not have the same impact as many experienced.  That was the worst since the 1929 depression.

Start by becoming familiar with the inventory and sell the properties to your home buyers and real estate investors.

Much more to this than can fit into this little box.

I see many people who pay far too much and underestimate the cost to get these properties back on the market.

Dipti nailed this one!

Good Luck.

Get some education about it.

Great answer from Debbie Laity.

What Sam said....