http://www.youtube.com/user/george4t...11/Ltg4ej-zRbI
There are a *lot* of houses in California that have been abandoned and are coming up on their 5-year limit of property tax payment defaults. There will be an entire flood in 2013 if things continue the way they are.
Meaning that if you pay the 5-year backtaxes, and the original owner does not come back within a reasonable timeframe to complain - the house is yours.
I've looked into it, and there are some pretty damn impressive finished houses and locations that start at $15,000US.