You buy distressed properties ate distressed prices, you don't ever buy below market value if that property and sale met the conditions necessary to arrive at a market value. 

You get behind some drywall and notice that the pests ate into other areas or that there is more damage from the foundation issues that was previously unseen.

Welcome to BP @Martin PeterYour ate based in a great market.

@John Humphries I am not familiar with the laws in your jurisdiction, but I would say we are raising rents to market rent, and we are not renewing your lease. if the laws are like many places, you do not have to renew their tenancy, and if he doesnt leave, you evict. just make sure you follow the rules to a Tee, also review the terms of your lease, and have a copy that he signed to show him. 

You'll want to be sure that things like the sill plate aren't ate away by termites, house doesn't need a full rewire/replumb, etc.

If so, they can be money pits, even after full rehab [I've ate several of these "vegetables"].Hang in there!

As Loc just posted, anyone who takes your money can not simply say you'll get your money when it's paid off, that's just nuts, look ate the borrowers for these loans, some don't have the capacity to get conventional financing now, nor will they later on.

I don't know when they had time to sleep.I watched others have multiple jobs one was in food so they ate for free every day.

I've owned them both and think that the key issues to look ate are...Maintenance costs....much more yard area to keep up, more roof areas, more windows, more everything!

-That analogy would only hold true if I spent (or to use your analogy, "ate") my profits.