You will have to pay all the usual expenses associated with buying a property: transfer taxes, government fees, title company/attorney costs, as well as a "hammer fee" which goes to the auction house.In theory yes, you could win something for a few thousand dollars.

Property Taxes Will Likely Increase After Purchase•If the current owner has a homestead exemption, their tax valuation is capped.

@Daniel MadhavapallilYou should hire a tax professional. 

that money is tax-free. 

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We decided to market it as a 4 bed/1 bath with an office.Listing Price - $199,900Property Taxes - $2,230.13AssumptionsPurchase Price $230,000In this case I had seen similar properties selling for $225K - $250K so I felt the property was listed low to drive up interest.

Add 5.82% long term appreciation (the rate for this century) we get 10.6% return plus tax savings/advantages. 

I would invest in the West, as it has worked for the last 170 years, but not in liberal states that are tax hells. 

Tax Liens are not a big thing here in CA either.

One thing you will want to explore is the tax rate in the specific counties you are looking in.