My current profession is a career firefighter which I am not giving up.

Even if the market tanks, which I don't profess to have the expertise to predict, I think you should be fine so long as the rental income you collect can help you weather the storm through the recovery period.

Real Estate is an interesting profession.

Through my current profession I was able to get into a loan repayment program and pay off $70k in student debt.  

At least that background gives me a leg up on analyzing deals.At 168 hours, I figure that's a pretty cheap "entry cost" to figure out in more certainty whether or not I want to be in the industry as a profession.

As a side note, I'm somewhat familiar with the industry based on my profession.

Be sure your house is completely dry via moisture readings all around before you treat for mold and hang sheet rock.I would also advise you to hire a profession to spray for mold and get a certificate.  

My husband and I feel like in essence, they are acting within their professions of realtor & contractor and that their compensation should simply be the commission from the purchase and sale of the property, and the contractor fee for managing the renovation.

My husband and I feel like in essence, they are acting within their professions of realtor & contractor and that their compensation should simply be the commission from the purchase and sale of the property, and the contractor fee for managing the renovation.

The short answer is no,don't do it.You don't seem to be in the right mindset to become a member of my profession which is exactly what it is,a profession and not a hobby to pick up or put away at will.My profession requires lots of time devoted to learning both in and out of the classroom for at least 6 months to earn a license and the follow up sales training at the brokerage.It is not cheap either to get started with all the fees involved.From what you are describing about your personal life,family demands,and interests desired to pursue,I would concentrate on learning about investing in your spare time.Learn how to evaluate property for potential profits after repairs are done.Join an investment club and surround yourself with successful people who have already been through the process.Learn about hard money,gap funding,and what it takes to get the money you need when you need it.