But I also assume during a bad recession certain businesses go belly up as well

Will have to check out the artistic shop and get my creative juices flowing again!

If your tenant goes belly up, you're screwed.

Some strategies have insane returns, but take a few thousand dollars in capital and, at least for me, the juice simply isn't worth the squeeze from an absolute dollar return perspective. 

We do this work out in the west but we ONLY chase deals that have no debt on them .. and you can work for a few months and you might nail one or two of them.. so its a very low probability deal and its belly to belly and the folks your dealing with can be very tough to get them to move to sign anything.However to answer the OP question sure you can do this and you can redeem right up to day before the sale and in the old days in CA when the sale started at 10am and the tax collector opened at 8am you saw all sorts of people lined up to pay their tax's.. so when the sale started you should hear the grown from those thinking they were going to bid on this cool property only to have it removed last second..

Hello Jason,Very encouraging to see your creative juices flowing, especially as a new investor. 

At least it doesn’t tear up the belly board if it stays inside)Or do I say to “B” sorry you had that for 12 years (possibly) but you never added it to the list of tenants so it doesn’t belong bye bye cat.

I have seen writing on the walls, spilled paint or juice stains in the carpet, holes all over the wall.

Not bad if you figure now we are paying about 4.50 a gallon out this way  even at 20 miles to the gallon that would be 12 gallons of gas or about 50 bucks so we save 47.00 each fill up .. so this is starting to add to real money.. then of course when i am on a road trip my juice is totally free.. drive to Vegas totally free 1200 miles  :)

In our area, the land cost for.a development project is a relatively small part of the overall budget so make sure the juice is worth the squeeze in the big picture.5.