Tax Sale in Ontario, Canada

[Nick Thompson]

Does anybody have any experience or knowledge buying tax sale properties in Ontario?  The system seems like it is set up as silent auction.  All prospective buyers submit their bids in private and once the auction is closed the bids are opened and the high bidder wins.  The catch is you basically need to have 20% of your bid submitted in cash (certified check).  

This seems like it could potentially tie up a fair bit of capital and would make it difficult to bid on multiple properties simultaneously.  

Has anyone been through this process successfully and was it a good investment.  Any stories/advise is much appreciated.

Regards,

    Nick Thompson