How can you make a profit from distressed properties,fixer uppers that you can buy at a good deal,but then you?

have to pump lots of money to fix them up to re sell,so is it worth it,isn't that just the same as buying a nice house in a nice location at the market value where a value will always hold and selling it on again,can fixer uppers ever be worth it?And how would you find them in good locations would that be short sale homes?