I am not sure if HML can actually do real cash, usually it is wired day of closing to an account and title disburses it.

@Mark Anderson, you have to do your own due diligence and insist upon seeing actual expenses, income, current leases, etc. 

So basically Like said in reality probably no one bids and you end up owning the house subject to the first.. 

Thanks @Linda Weygant I have actually scheduled an appointment with a real estate attorney and I will be utilizing both options of buy and hold and flipping depending on the circumstances.  

There're actually two mutually exclusive schools of thought on this subject.

Here in the USA we're facing 5% rates recently, so over 30 years, your $250K house will actually cost $375 including interest and that does not include property taxes, maintenance, repairs, insurance etc.She said the catch is (at least in areas outside of Tokyo which is booming up to the Olympics), is that used real estate is very cheap so after you buy a home it's guarantee to drop over the years.

I’m moving to Brevard County area in Florida soon and I’m trying to purchase my first investment property, actually first property ever.

Do NOT just treat this like, "Hey, let's go find some houses and flip them together to make some money", because that is not a plan or an actual business and is likely to lead to a damaged relationship with your friend.Good luck to you!

But to me, filing for my LLC was my reality check letting me know this was for real. 

On a Tax deed you are actually buying the property at near retail price in most cases.