The deal came through on a drip that I was getting from a local agent and I simply bid roughly 5% below asking and was able to negotiate a few concessions as well.

To echo the comments here, if in your personal name, good credit, and a healthy down payment, you should have fixed options rather than simply portfolio or ARM products. 

@Matthew Wright, this isn't cut and dry.

Part of that negotiation will be for them to pay your broker, or simply lower the price enough for you to pay your broker directly.Some FSBO sellers have an allergic reaction to buyer brokers, in which case you may offer to work with directly, without having your broker between you and them.

Eventually (Could take anywhere from 3-months- 12 months), you will learn enough to start participating in and getting a cut of deals.That's how I started.

Based on the price and what it tells me about the type of area it's in, I would double check that rental figure as well.The lower down the property ladder you go, the less it matters how turnkey the place is - remember that the tenant pool in 'rough areas' is comprised 100% of people who simply can't afford to live elsewhere, which means you're looking at a higher-risk investment.

Do they take a cut?

This isn't legal advice and I am not your attorney, this is simply my personal approach to asset protection.

looks like they simply took average numbers and did not put any real work into the analysis.

Instead of working for 40 years to retire, I am now confident that I can cut that time in half by investing in real estate.