I'm not convinced I can add enough value to make this worthwhile unless I am buying an at least moderately distressed property. 

Unless the property itself isn’t worthwhile I don’t see it.

Hey Jim - good thoughts :)Short sales are a lot of work - do not beleive anyone who says they are easy and quick Maybe one out of a hundred are but most are a lot of work.Justin is right on make sure they have skin in the game but be sure to manage your own expectations - meaning you may not get the deal - there are easier ways to make money in this biz but short sales can be worthwhile although frustrating at times!

factor and be enough of an income bump to make it worthwhile.

It's a worthwhile endeavor to add this to your skill set at a high level.Anyway, this has been a rather long post.

I am coming to the realization that I go to CO for a few weeks each winter and it may be worthwhile to purchase an investment property there. 

I think I would probably walk away assuming that there wasn't enough equity to make it worthwhile.  

And if they can, is it worthwhile?

Because, to the best of my knowledge, it seems that what I am doing doesn't require that I be licensed in the slightest.I just don't feel that it is worthwhile to pay my broker for a transaction that doesn't really require his services or protections. 

It may be worthwhile to look in Maryville since there is a college there, its a nice bedroom community from Knoxville, and has all the amenities but far less of the problems that Knoxville has.