Knowledge Check - Texas Tax Lien

[Matt Delashaw]

TLDR; Is my understanding of tax liens in Texas are purchasing the tax debt with the property as collateral, and you dont out right own the property?

Im brand spankin new to REI, at least from an investor only stand point. I was starting to browse my county's tax auction site. I found a property that im interested in, and maths out well. Ideally I would like to BRRRR this property, and I realize I could contact the owner as they may be motivated to sell.

If I won this property at auction, I dont out right own it immediately, correct? I just purchase the debt? So lets say its a $100k house with an opening bid of $10k. If I won the auction at $10k, Im taking on that tax debt and I am going to get paid back the $10k + 25%(2,500) per year?

Bonus question: what are the pitfalls here?