to hold 5 to 8 years and exit.. unless you have appreciation that covers your sales cost your going to lose money.. does not matter where it is. 

I am a commercial real estate agent and I only sell and buy vacant land in the area, so I am very familiar with the market in the area.My appraiser used comps from a 10 acre parcel that sold for $150,000 in an area where I sale 1.25 acres for $90,000; 2.5 acres $150,000; and 5 acres for $300,000.

You can easily pour $10,000 into a renovation that will only increase the sale price of a home by $4,000.

You make money when you close a sale and not just when you get  a lead for a buyer or  a seller.

@Rory Compton - It's a short sale, so the list price is really irrelevant, because it is subject to bank approval.  

And then I was thinking of handling it like a short sale.

I gave them the option of closing quick selling as is no inspections guaranteed sale.

Then I would to renovate a little and sale it.

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.

I currently do not have a CPA as I only own one rental property I just want to have a working knowledge of the area to make better-informed decisions on future sales of properties.Thank everyone for their time and support!