My understanding is that if you acquire the deed to a property through a tax sale that you are required to inform any and all heirs/owners of the property in writing (and possibly receive some sort of receipt of such), and if you miss one heir or owner then they can come back years later and claim ownership of the property.Can someone shed some light on this type of transaction, specifically what are the risks involved in such a transaction? 

Life won't end if something goes astray, and there's plenty of education out there to help you mitigate risks as you get going.

As long as you have a fixed loan/mortgage, and the rental income isn't at a high risk for dropping dramatically, you are covered regardless of what the market does.

I love the team that I have in place, which is a major factor keeping my focus in the same geographical area.Going forward, I'd like to explore multifamily rentals and maybe expand to a second market such as North Florida or Central Arizona.I'd also like to get more involved in the real estate investing community in general and attend some meetings at a local REIA.I'd love to share any of my experiences if it helps someone.I look forward to being more involved as a member of the Bigger Pockets community. 

I'm not going to risk a 1 star review for $16 in toilet paper 

House flipping generally involves rehab, whereas speculating is just straight buy and resell.What is different now is the down payment requirements for buying second, third, fourth homes.

Not worth the risk of finding out what's really wrong after I own it.

What are the potential risks when a person decides to buy a tax deed property ?

Maybe less competition with a little more work involved.

My question is: If a home is purchased at the foreclosure auction; when does risk of loss pass.