Okay, wait for the listing to expire, since the owner approached you the Realtor isn't the procuring cause of any future sale because if he had been he'd still be entitled to a commission for a number of days beyond expiration of the listing.Get an option, sell the option to your buyer, collect an option fee, do not pas GO!

This is perfectly legal in states around here, as my RE agent has become the "procuring cause"  there for he is entitle for a commission.         

I am thinking if I can procure it I can perhaps rent it or lease option it till the market picks up.

That would only mean that if you closed on a property where she had been the procuring cause (ie showed you the house), then she would still be entitled to a commission for up to 3 ms after your contract expired on THAT house.

Jason, The benchmark in Pinellas/Hillsborough, etc. is right around 10% per anti-trust laws, there is not, nor will there ever be a "standard".Our fees are a $250 advertising fee to procure a tenant, a $100 document fee to sign a lease, and 10% of what we collect with a $75/mo. minimum (i.e. if you have a $500/mo. property, it's flat $75 when we collect.

The realtor procured an accepted offer.

Alternatively, you can buy a home security yard sign and, perhaps, a faux security camera off eBay.My house is secured by two ADT yard signs procured from someone who used to sell security systems for a living.  

If the market is as hot as you claim, people will pay the fees to procure housing  

OR Should I procure a hard money pre-approval and go hunt for the deal?

Also @Anson Young he did mention it might be difficult to procure an accredited investor, or that we would need to build some experience first.