I know that is a long pay back period but don't plan on selling anytime soon, plus you never know what nat gas prices will do. 

I have absolutely nothing to sell.

Just keep in mind the process can take a little longer since you’d need to work with contractors and follow FHA’s requirements.4.Your End Game: Whether you’re planning to stay long-term, rent it out, or sell once the work is done, it’s important to have your exit strategy mapped out.

I kind of like the idea of wholesaling out of state leads, however, with subj to i would be VERY careful who you sell those to. 

Does anyone have experience buying properties for cheap from land banks, renovating them, and renting them out/selling them?

And you don’t have to pay it back when you sell, you do an exchange.

Although you cannot sell real estate without a license, you can learn a lot by assisting an agent, shadowing client appointments, etc.

I also have a mortgage on this property paying $683 a month.Now I'm deciding should I continue waiting for a possible tenant or should I just sell the property.

UNTIL YOU SELL THE PROPERTY... then the cap goes away and you are taxed on the fair market value of the house which is usually the new sales price less maybe 15%.  

These are the folks that know who is getting the itch to sell before anyone else.