AFAIK, I would need to procure a commerical real estate loan but getting this with no experience is unlikely.ThanksMatt

It is your job as a REI (IMHO) to suppress the risks best you can in every deal no matter how it is procured (Friend, REO, MLS and etc.)  

The commission is negotiated on the agreement, and if through their marketing a buyer comes even if the listing goes expired, if it is the procuring agent, meaning the agent responsible for sale is responsible for introducing the buyer to the seller, even on the lease 2 own and not a cash sale, they are still going to get their commission.If you the real estate investor in your trying to get the seller to consider terms instead of cash and avoid the sales commission, the listing agreement is between the seller and the agent.

.-- Bought land--dropped electric, developed spring, put in septic, created road (not yet rocked), procured older doublewide (not yet on property), got zoning clearance for soft set foundation on mobilehome.

In this market, your agent has to be on top of things or you don't get the deal.There is something known as "procuring cause" in the real estate agent world, and it has to do with commissions earned and paid.

im looking for a few starter tips on researching MLS as well as procuring the deal and finance. i would like a friend..:)

Time spent procuring new investments, chasing contractors around, negotiating exits, dealing with tenant workouts, etc. all counts.  

NoOhio Revised Code4735.01 Real estate broker definitions.As used in this chapter:(A) "Real estate broker" includes any person, partnership, association, limited liability company, limited liability partnership, or corporation, foreign or domestic, who for another, whether pursuant to a power of attorney or otherwise, and who for a fee, commission, or other valuable consideration, or with the intention, or in the expectation, or upon the promise of receiving or collecting a fee, commission, or other valuable consideration does any of the following:(1) Sells, exchanges, purchases, rents, or leases, or negotiates the sale, exchange, purchase, rental, or leasing of any real estate;(2) Offers, attempts, or agrees to negotiate the sale, exchange, purchase, rental, or leasing of any real estate;(3) Lists, or offers, attempts, or agrees to list, or auctions, or offers, attempts, or agrees to auction, any real estate;(4) Buys or offers to buy, sells or offers to sell, or otherwise deals in options on real estate;(5) Operates, manages, or rents, or offers or attempts to operate, manage, or rent, other than as custodian, caretaker, or janitor, any building or portions of buildings to the public as tenants;(6) Advertises or holds self out as engaged in the business of selling, exchanging, purchasing, renting, or leasing real estate;(7) Directs or assists in the procuring of prospects or the negotiation of any transaction, other than mortgage financing, which does or is calculated to result in the sale, exchange, leasing, or renting of any real estate;(8) Is engaged in the business of charging an advance fee or contracting for collection of a fee in connection with any contract whereby the broker undertakes primarily to promote the sale, exchange, purchase, rental, or leasing of real estate through its listing in a publication issued primarily for such purpose, or for referral of information concerning such real estate to brokers, or both, except that this division does not apply to a publisher of listings or compilations of sales of real estate by their owners;(9) Collects rental information for purposes of referring prospective tenants to rental units or locations of such units and charges the prospective tenants a fee.

It is possible that your sponsoring broker could already have an agreement with certain pm's.If an agent is the procures a qualified tenant that ultimately signs a lease, we split the tenant placement fee.  

The most recent property we bought was through a second wholesaler who had a bigger network of investors than the one that actually procured the property.