Tax Lien Investor pays the delinquent taxes and receives a lien certificate. The property owner has a redemption period to repay (with interest). If they don't, the investor can eventually foreclose.

Tax Deed The property itself is sold at auction to recover unpaid taxes. Buyer receives the deed — typically no redemption period (varies by state). Higher risk and reward.

Redeemable Deed A hybrid — the deed is sold at auction, but the original owner has a statutory redemption period (often 1–2 years) to buy it back by repaying the purchase price plus interest and penalties.