My understanding is that if you acquire the deed to a property through a tax sale that you are required to inform any and all heirs/owners of the property in writing (and possibly receive some sort of receipt of such), and if you miss one heir or owner then they can come back years later and claim ownership of the property.Can someone shed some light on this type of transaction, specifically what are the risks involved in such a transaction? 

It seems sort of drastic of them to cancel outright.

how would you approach an owner of that sort?

People will always kick the bucket and leave property behind to get sorted out in probate.

It becomes a self fulfilling prophecy of sorts. 

It sort of is the effect of saying it's an asset that can't be expensed for some reason or other.

My experience has only come from the books I've been reading, the webinars put on by BP, Podcasts I listened to here and things of the sort.

Ideally I'd like to find a LINE of credit of some sort.

Sort of like the buy here pay here car dealerships who charge 17% on the 03' fiesta.

Is there some sort of legal litmus test for whether something is trash vs whether it needs to be put in storage?