On my TV they call it 'flipping a house'. There are many shows about it on the Discovery channels that show people making a fortune in house flipping. A word of caution though; the housing boom is over, it is a buyer's market and credit is very tight. The magic numbers are no longer there.
You should check to see how many houses are for sale in your town and in your county before jumping in. If you are willing to live in the house while you do the work and until it can sell (rather than paying for two places at the same time) you may come out better. Plus, if the house doesn't sell right away, at least it is your mortgage instead of an extra burden.
Seek the advice of an Appraiser for the before and after values; $200 spent now may save you a lot of money and heartaches later. Happy house hunting and blessings on the work. Please give us pictures of before and the progress.