This one's subtle.  

Some tangible, some subjective, some obvious, some subtle.

You can deal with both it just tends to be pricey because only a few companies handle it and they will charge a lot to go through the proper procedures.But it's also very subtle and depends on where the material is.

I'm not sure how thorough the various DIY programs are when it comes to calculating depreciation basis, subtle differences between capital expenses and repairs/maintenance, correctly capturing mileage and travel deductions, etc.

However, it will help in protecting your assets (some might understand the subtle difference here), and therefore it should be part of your asset protection plan which you are - rightly so - trying to set up.Soooo, you're asking - what does all this blaablaa mean?

@Kristopher Edwards Often times on BP we get post like yours that are such terrible deals, yet the BP community doesn't want to discourage anyone from pursuing their dreams so we point out subtle things about the deal or the buyer in hopes they'll pickup on the clues without being told you need to just Stop and find an actual good deal.Unless this property is a block away from the beach in CA, you will not have this property stabilized fast enough not to take a loss on year one.

School district is the big differentiator on seemingly close properties: can easily differ by $300k on opposite sides of the road.There are a lot more subtle differences (high side of street, level rear yard, degree of slope, curb parking etc etc ) in matching comparables, that I am sure exist in your area but the price differences are amplified in the Bay Area due the amplified land value.

Sure there might be some generational changes but I think they are more subtle than we might think. 

The former owner might still  have redemption rights, but the acquisition of a tax deed means subtle legal differences for the investor. 

I tend to agree with J that there are subtle lies that both sides play in a negotiation.