Property Tax Lien Questions

[Joe M]

I will be going to my first Property Tax Lien questions this week in FOrt Wayne Indiana.

I have made the short list of properties from the list published by county. I did the 'Drive-by' on all the properties and also looked at the assessed values on county site.

Questions:
- Are there any other due diligence steps I can take?
- If the current owner files for the Bankruptcy then what happens to my lien?
- Once I get a lien against a property, Should I get insurance against the property?
- What are other scenarios where I can loose my principal?