Unfortunately turning a profit during March Madness isn't about drawing up an architectural blueprint and then counting your winnings.
I'm no Frank Lloyd Wright, but here's a few thoughts to perhaps start building.
Personal feel is huge. Don't get overwhelmed with all the first-round games. Key on a few teams that you believe you know well and then judge if the line is where you think it should be.
Momentum is big. Previous seasons and coaching can give clues to past history peaking teams. Right now, for instance, Fresno State has won and covered four in a row. The Bulldogs won nine in a row last season, covering eight, to win the Mountain West Conference Tournament although they did lose in their first-round NCAA Tournament game.
Conferences that are having down years such as the Big Ten usually aren't going to suddenly rise and shine in the NCAA Tournament. So my first look at any of those teams would be one of fade mode.
Throw out most mainstream information sources. They're just repeating standard information that is built into the line. Small town newspapers and obscure posters may have the best opinion on a certain below-the-radar school. Be open-minded about gathering your information. Just make sure it's credible!
I've had good and bad tournaments. Last season was a strong one. I finished 10-4 on my last 14 tournament plays, including cashing my March Madness Game of the Year with Oklahoma, a two-point favorite that beat Texas A&M by 14 points.
My plays and packages can be found here, including a special All-Access CBB package that goes through the Final Four: pregame.com/.../bettor.aspx.
I'm happy to answer questions and wish everyone the best of luck!