You receive a CET (certificate of title) which is the same as a deed but issued from a courthouse sale.

Thanks, Kaleb.Crystal, IL tax certificates is my primary practice area.

If you bought it for 5k that was paying back the tax certificate & fees but unless it brought some more than 5k at the sale there would be no funds left over to pay off the HOA leins and maybe they would stick like a code enforcement would.

Now an LLC that will have multiple-members, a board, shares, etc (setup like a corporation) may pax its own taxes, and therefore folks try to incorporate in Delaware, etc.Start off by creating a single-member LLC in your state, pay the annual certificate fee, get an ITIN from the IRS for that LLC, all on LegalZoom for whatever basic package they charge.

Today I learned that there was a first and second mortgage on this property; however, after the sheriff's sale there is no longer a note, only a sheriff's certificate of sale. 

Your offer to purchase should include a requirement that the Seller provide all documentation and agree to sign an estoppel certificate (also called estoppel form or agreement).

Mark, you need to spend an hour with a local RE attorney familiar with tax liens/certificates/deeds whatever you're bidding on, in Your local area.

Directing the county treasurer to expeditiously execute and deliver to the party in whose favor judgment is entered, including the state, a deed conveying the property described in the certificate of purchase.B.

To name a few:copies of leasesproperty inspectionsverifying rents (estoppel certificates)security depositsseller disclosing outstanding litigation or insurance claimsThe contract comes first so that the buyer and seller agree on a framework for a sale before the parties spend lots of time and money on inspections, reviewing documents, bothering tenants with intrusive walk-throughs, etc.  

We also have special certificate of occupancy inspections that must be done every 30 months.