The pros are that the rent amount is guaranteed, the cons I usually hear are mainly that the tenant destroys the unit.  

It rained and the roof leaked and destroyed my grandmother's antique sideboard that I inherited.

Are the houses usually destroyed?

(Some mortgage companies may require a wood destroying insect inspection/report, though I have t run into one yet)

Whomever is breaking in is not destroying the home but getting inside and smoking weed, probably hanging out.

I know I did not until a client was explaining how he got wiped out when his vacant house burned down.. 100k lost still on the hook for 70k loan .. can't walk ruin his credit and in Texas they can and do get deficiency judgments when you walk from a mortgage regardless of the reason.. its something that can destroy an investor or put them in bankruptcy.  

They don't have to spend any money on foreclosure processes or deal with kicking out tenants or worry about you destroying the property on your way out.

If the dollar is destroyed, I charge rent in yuan, silver, gold, eggs or sea shells.

When finished with a rehabbed property in a low income/distressed community, and before the house has been occupied, what ways are helpful to keep the property from being broken into, vandalized, looted, etc.I hear from time to time and have seen the abandon and vacant properties become destroyed this way, and I have also heard of being 90% done with a rehab, and it gets broken into again.

This is a list of things I always look out for: FoundationRoofAttic spaceRain gutters and downspoutsExterior stucco or paintElectrical panel, light switches, and power outletsThermostats and heating, cooling, and ventilation (HVAC) systemPlumbing fixtures, faucets, and water heaterAppliancesWalls, ceilings, and floorsDoors and windowsStairs, steps, and railingsPorches and balconiesWalkways and drivewaysBasementGarageTrees and landscapingLawn sprinklersSewer lineSwimming pool equipmentFireplace and chimneyDrainageOdorsFloors covered by carpetingMice, rats, or other rodentsWood-destroying pests, such as termites or carpenter antsRadon TestingGood Luck!