Can anyone post some success stories here?

[guoxiaozhong]

I wonder if people really make money from tax sale.
Can anyone post some success stories here?

[gap]

Have I seen you on the rk website? 
Anyway, yes you can make money in tax sales - but it's riskier than buying the traditional way - and it requires more homework (due diligence), and is not generally 'cash flow effective'  - more like the value added approach.   You have to 'see something' in a property and add the value, then resell. 
I bought a lot up north near a city but on the outskirts for $6k (5 acres).  I put a small house on it (pre-fab) which i got a direct line of credit for, then listed and sold it for $20+ more than the costs.
I bought a small, dilipadated looking house in a small Ontario city last year.  My friend renoed it for the approx same value, (total cost to both of us about 25K, we relisted and sold for 68k - a total capital gain of approx 40K (which we split).   Not bad for a year (that was just the tax sales), and I haven't really put in the 'driving effort' for the rest of the ones I've seen around.
Re:  Hamilton.   Have you checked the value of similar pieces of land in downtown Hamilton that are empty commercial lots, or have property on them.   (Subtract the rough cost of buildling an equal property - if the answer is much higher than the lot which has the burned building, then it's a good deal.   You could also check the assessments, or with a commercial agent who might be able to tell you the market value off the bat.
Good luck.   

[Topwater]

Gap, That's exactly what I mean. Tax sales is for hobby but you can't really make a real kill. For amount of work and time spent, the payoff is not economically sound.

[gap]

Uh...I wouldn't say that.   True, there is more work in tax sales than other properties, but you're getting something SO far below value that the potential to make a lot of money quickly turning it around (or mortgaging) is there - and usually much harder to come by in the regular market. 
For example, I don't think I could've found a house for 12K on a beautiful lot anywhere in Ontario!  It was easy to find someone to help me reno it, then reselling at the market rate represents a huge turnaround - especially if you consider the cash on cash return.
With a lot LESS work, I could buy something listed on mls or privately, but not for 12k - or SO far below the market value in any case.
You can make a lot of money in this.   I have and will probably continue to do so.   Recognizing that it is somewhat of a 'fringe' market that scares other people, or that makes other people shy away 'you can't make much money on it', 'too much work for the value', etc.   just makes it more profitable for everyone else who is willing.

[Topwater]

Yes, tax sales is a fun hobby and even a good side business. Let us know your next sucess story.