I don't know if the other investor has made an offer, and I already know that there is going to be some major work with the title on this property(probably more than this investor is going to be able to handle).

Now the majority of the time these houses are not redeemed, so you end up with a house for the taxes owed or whatever you bought it for.Keep in mind that you will not be able to get title insurance until the redemption period is up.The actual auction is held at the county courthouse and normally by the sheriff, but the tax appraisal office or the tax assessor's office will have the information about it.

But if I can get my taxes down by at least half, I'll get a major ROI on my investment the first year, not counting all subsequent years, so I feel it's worth it.Hope that helps.MichaelBP Blog Contributor

Hoping Brandon will chime in here...Investors from multi-billion dollar hedge funds to individuals buying as few as 10 properties have acquired more than 1 million homes across the U.S. in the past three years, transforming a mom-and-pop business into one of Wall Street's hottest investments.

Also a point he mentioned that I was getting to (or planned to) was that an Agent isn't going to do that unless your bring major value (unfortunately most don't).

It needs some major rehab, so I'm looking for referrals for every kind of contractor.I need a good roofer, painter, plumber, HVAC, flooring person, electrician and general handyman.

Automate your business as much as possible - use voice mail for seller leads/tenant issues, create good Statement of Works for your contractors, move majority of relationships with insurance agents, contractors, etc to email first communication.4.

THey take advantage.Do some research on properties around yours and maybe even yours and you will find many examples of properties losing the majority of their value from 1 transaction to the next.

There's also buying futures on the Case Shiller index for any of 20 major housing metro markets; it purely measures changes in repeat-sale home prices, a proxy for refurb projects.

It still caused major anxiety.