The pictures posted look  make it look turn key and is being auctioned because of a bankruptcy.

This is a  "Subject-to" transaction, hopefully using two notes.A seller is willing to take I/O for 20 years is probably 1 in a thousand and they will be taxed just as Greg is, make that 1 in 10,000.I'd bet Greg doesn't mention the other issues with a Sub-to, foreclosure, Greg can only foreclose on his interest, that could be paid off, the note to the first seller is pretty worthless, that can end up going to the state in a medical issue, then there are risks of bankruptcy, law suits by other parties, collections and servicing, deed transfers, insurance, liens and the list goes on, which is why you should not do long term subject-to deals.      

The auction was delayed due to them filing bankruptcy and I am hoping this is an opportunity for me to get the property under contract and help them.

When the borrower attempts to refinance, if they take bankruptcy, if the die or become incapacitated or they apply for government assistance, if they go to an attorney on other financial matters, if the get into any estate planning matter or if they get sued.

I have seen cases where the tax sale was voided in Federal Bankruptcy court after the property was already sold, months before the filing of the bankruptcy.

For example, the borrower could file bankruptcy to delay foreclosure, increasing your holding time. 

I survived the crash with no foreclosure or bankruptcy and am finally reaping the rewards of fixer uppers I invested in after 2009. 

The way things are going the HOA will be bankrupt if we don't increase assessments and a bankruptcy will decrease the market value of units. 

Secondly, the seller may end up in bankruptcy or get a lien against the property in the interim.

I practice in the federal courts (bankruptcy) and am not familiar with many of the local attorneys.