Is buying my first property at a tax sale a smart entry strategy?

[Michael Fiducia]

BP Ladies and Gents,

There is a tax sale coming up in a close by city where about 400 properties/lots will be up for auction. It will be filled with great deals but heard the hedge funds and investment companies come in and raise the premium so high it makes it hard for individuals (with moderate cash reserves) to get a steal.

Any advice and personal experiences with tax sales (positive or negative) is greatly appreciated!