Tax Lien Investing In Oakland Co. MI

[Leslie Coxon]

I've been trying to figure out tax liens for Oakland County Michigan. Oakland county has a lot of nice home and a lot of great deals. They do their own sales, not through the state of Michigan. Here's what I've got so far:
1. After 24 months of delinquent taxes, the municipality forecloses. Foreclosure is final, no redemptions.
2. I can buy a listing of all the properties coming up for auction at the county court house for $5. Not sure when they become available though.
3. The auction is now a land auction instead of a lien auction. Therefore, if I'm the sucessful bidder, I will get the deed.
4. There is no warranty on the title because they quit claim the deed to you. But most of the liens should be wiped out during the foreclosure process.

Here's what I still don't know:
1. Can I buy a Tax Lien Certificate before the property is foreclosed upon? The goal being that someone will redeem the property and I'll get a return on my investment. Does anyone know what percentage I would get in Oakland County/Michigan?
2. Do I have to pay all the taxes? Some places have $10-20K in back taxes & penalties. What if I have $5K to invest? If the property is redeemed, I would assume I'd get my $5K + XX% interest. If the property is foreclosed, do I have an interest in the property and have a chance at the deed? Or will I lose my money?
3. Goes along with question 2, What happens if several people have an interest in the property through purchase of tax liens? I have read in BP forums that the last person to pay has the priority claim. That's different than what I've learned about title encumberances where the FIRST date in has priority. That's why the mortgage lien is always recorded at closing, so the bank can have first dibs.
4. Just to double check, the municipality's claim trumps all other liens, correct? That means that the foreclosure will wipe out other existing liens.

Can anyone guide me through my questions? I am basically wondering what happens if I pay the delinquent taxes on a property nearing foreclosure. What my options are and what to avoid. If any other newbies this area wants to research it together, send me a message. Thanks!