Tax deed states auction the DEED itself (not lien) after redemption expires — buy property for delinquent taxes only.
22 states use tax deeds instead of liens: after delinquent taxes remain unpaid past a redemption period, the county auctions the actual deed. Winning bidder owns property free-and-clear (subject to some remaining liens — study state statutes). Best states: TX (deed but with 180-day redemption at 25% penalty), GA, TN, PA, HI, NV. Auctions monthly per county. Due diligence must include title search, physical inspection, prior-lien identification. Can acquire $100K+ homes for $3–10K in back taxes.
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Bankruptcy Code §363 lets you buy a distressed company's assets free-and-clear of liens, at deep discount, in 60–90 days.
Lend to a Chapter 11 debtor with super-priority priming lien — highest recovery, often equity conversion.
Buy unpaid property tax liens from counties (28 states) — earn statutory interest 8–24% + possible property acquisition.
Buy defaulted mortgage notes from banks/hedge funds at 30–60% of UPB — foreclose, modify, or DIL for equity.
Cheaper/faster alternative to Chapter 7 — buy assets of failing companies via ABC in 30–45 days.
Buy property/business assets from a court-appointed receiver — clean title, court-approved discount pricing.
Buy litigation-in-progress bankruptcy claims (preference recovery, fraudulent transfer) at 20–40% of face value.
Buy verified claims in bankruptcy or mass tort settlements at deep discount from claimants needing liquidity.