They survived but sold everything and returned to Europe. 

. §7425(d)(1) {scroll down for part d}:https://www.law.cornell.edu/uscode/text/26/7425And if the proper notices aren't served upon the USA, then the IRS lien survives, it is not discharged.

This often happens when the assessor office creates a separate lot for tax purposes but the larger lot of which it is part was not legally subdivided.Also, as pointed out above, tax liens, weed abatement charges, HOA, etc all usually survive.  

@David Shirts, experience is the best teacher, IF YOU CAN SURVIVE!  

It's best chance at survival/turnaround is with an experienced, local class-c operator.

Liens that are superior will survive more junior liens that a foreclosure was filed against.  

The total/near total loss of capital on a 2nd is a very realistic outcome - make sure you're in a position to survive this outcome.

The bugs can find areas that are not hot and survive. 

As such in order to survive in business one must have a number of deals going so that a loss in one can be offset by profits in the others.  

I have been to different areas of the country and in lots of areas , I would be wealthy , in other areas I would barely survive .