Finding products that are profitable with out much competition has been a tricky one for me. I've found that when looking for search terms (I use overture) that the term should be within the 10,000 to 30,000 range for a search count. Anything higher may result in too much competition. Next you have to find someone selling that product that has an affiliate program. Lots of time can go into that as well. If you find an affiliate program be sure to read their agreement terms. Some are not as good as others and you don't want to be struggling to get paid.
Hope that helps.
ELizabeth
www.pro-marketing-online.com