It varies year to year and market to market.

My concerns are the followingMyself being employed by Mortgage companies that are involved in fraudulent business transaction, and the lack of the required documentation to approve some mortgage program, As for my interest I have been actively researching how to get involved in real estate transactions since I was 16 years old and I figured through my experience that some of the best ways to get involved in the real estate industry is to learn how mortgages are finance along with varies kinds of bonds issued by federal state or local government such as small corporation.

This is likely to vary from market to market, but I'm seeing an increasing trend of PM companies offering 7-7.5% fees and their clients run to my company in droves because . . . well . . . 

If at any point the property owner pays off the overdue property taxes before the lien expires (period may vary by state), the county is the party that earns the interest.Properties that are owner-occupied (as indicated by a homestead exemption showing up on the annual tax bills) or have a mortgage are most likely to be bid on because they have a higher likelihood of being paid off either by the homeowner or the mortgagee (the lender); the homeowner probably doesn't want to lose his/her place of residence and the lender probably doesn't want to lose its investment.If no one has bid on a lien, there are likely issue(s) with the property that, in the eyes of bidders with investor mindsets, render the property valueless, for example:the property has no direct access (landlocked or waterlocked),the property is too small to be built on as-of-right per the municipality's zoning codes,the property is contaminated (a Phase I environmental report would scour records on the property to see if contamination is likely, and if so, a Phase II environmental report would be done and soil, etc. samples would be taken to confirm the contamination),the market fundamentals indicate little probability for profit given the level of risk, such as high vacancy rates, low rents, or slow sale/rental velocity,the property is in a "poor" location due to many of the types of things that turn off people looking for a home in which to live, such as high crime; poor or nonexistent infrastructure, such a streets, water & sewer, etc.; too rural/too urban; neighboring uses detrimental to the property's value, e.g. railroad, warehousing/industrial district, jail/prison, cemetery, etc.I hope that helps!

Then it looks like a huge storage facility with giant garage doors with varying size units - roughly 1200 sq ft.

       Your success and happiness may vary significantly based on the market you are in, and your properties profile (they are better at managing certain types of properties, from the info I have gotten). 

Rates vary from lender to lender - getting quoted 4 1/2 to 5 1/4 - this is my biggest surprise.2.)

That return can vary depending on the perceived risk of the investment.  

Value varies considerably based on condition too.

Your mileage may vary.