Hence, properties that appear to be vacant or need some sort of cosmetic work.

That's a motivating force for me as well.

Hi all,Got a motivated seller with a half acre lot in a good location for new construction.

Realize that the key to success as a real estate investor is your ability to generate CONTINUOUS motivated seller leads. 

This family member has said he is willing to work with us on a deal, but obviously he still deserves fair value of some sort.

I believe most agents/brokers will want you to sort out your financing first, but I think lenders will want you to identify the property first - seems like a chicken/egg situation.

Usually by the extremely motivated with low equity. 

Not because we care what they look like, but to find information on motivation.

Having access to the MLS, I could try to locate properties / contact owners and try to get them set up with an owner that is cool with subletting the property; however, other then them paying me some sort of fee, I don't see how this would be very beneficial to both parties.

If the lending party is not expecting any sort of capital or profit interest, then just bring them into the deal as the pure lenders.