Painting over it can be a train wreck waiting to happen,,specially if its a 'waxy' paper.If it is really really tough to get off I do believe it is probably faster and cheaper to jerk the drywall and install new.

It can wreck your reputation as a professional.

In most cases the standard is "broom clean", but if you're buying a wreck that was occupied by a hoarder, it would most likely specify that "the buyer is responsible for disposing of building contents and cleaning".As @Russell Brazil pointed out, this is why we do a final walkthrough as close to closing as possible.  

@Andrew Kerr excellent point for newbs make sure you can pay a manager if you lose your fingers in a car wreck.

NavyDoc,I tried to PM you back a few times, and it won't let me due to not having 10 post yet :roll: Either way, small time right now, working to get into the wholesale business......and I stay away from wrecks, too much hassle, at least for where I'm at right now..John,Thanks for the info....you seem to know your stuff here and I have been reading thread (even before my intro) just to see what you say...same with a few others (mikeoh, **********, biggerpo, just to name a few)....you guys all seem to be a wealth of knowledge

Point is, if I were to purchase the property, legal as it may be, that leaves me the buyer with a large problem on my hands (not to mention all the clutter that was apparent (old frig, busted up TV, two wrecked cars, etc.). 

However, the tenant has completely wrecked the unit they occupy.

A situation like this could wreck you financially.

I attribute my long length of experience at giving me a good foundation to work from when I wanted to buy and hold, since I generally buy wrecks and turn them into something nice. 

They are cheap enough to be disposable after a tenant wrecks one.