Short sale as an investor?

[Brian N]

I have a rental I bough in the 90s. My first. Stable neighborhood at the time, but not anymore. We pulled money out during the boom years and the area is now severely depressed. (South end of Toledo, oh - 43609). I’m upside down on the mortgage and wondering if it is feasible to do a short sale?

House is worth $20k. Owed $50k. Also needs about $10k in repairs to become rentable again.

If it matters, I have other rentals I could sell that would cover it but I would rather not. I could also board it up and just pay the mortgage down over time out of the other rents I am getting. 

Any suggestions?