To add a bit of color to @Chris Mason's comments, you could likely employ a property management company, so long as you had the right, and intent, on using some of the days yourself. 

The property is not on the market yet and He told me that he wants $280k but I’ve done my research and checked Coms in the area and they all are going for $325k average within a 3 block radius.

i bought tile from floor & decor before for two renovations, got a fair deal there, depends on how set you are on the design i guess - i have decided to replace the carpet in both of the new projects with luxury vinyl instead, i think it looks almost the same but is a bit more 'every day life friendly' today. waterproof, no tiles that crack when you drop a pot or other heavy object, no grout lines that change color, easy to clean, lifetime warranty, floating installation etc. 

**the previous owner own another property on the same block in which he shows interest in selling in the near future.

When my high bid fails to meet a reserve price, the property goes back on the auction block again, and again...   

(No pics or anything, so just going off of neighborhood and nearby comparisons)3) Appreciation looks promising - A block away from a huge urban development of an old sears distribution center crosstownconcourse.com4) Reno was said to be around 50kIs it not necessarily a bad deal, but just a lot of up-front capital for the Reno?

if a tenant dies in the unit you can take it out pressure wash the spot out and reinstall it .. and if A pit bull craps on the thing for a year it will clean up and blend in with the color !

I would just sand and repaint the cabinets to a light gray if that is not your style then stair a mahogany color.

However, if you are in are in a D class neighborhood it may be a tougher turnaround by dumping more capital into the property only to have the best piece of crap on the block.

I did have to paint the entire interior of the house (the color was not renter friendly) and install a washer, dryer, and refrigerator.