The realtor/investor trap - how do I work this?

[Minna Reid]

So a contact (birddog for all intense purposes) calls me with a deal. Owner with a rundown inherited house, was going to fix and sell, and now fell ill, needs out. I put the ARV at 210. Needs some work but I dont see the inside til tomorrow so hard to gauge but the house is 1840 so I assume a lot. Birddog is offering the house at 110 to me and is letting me in tomorrow morn so we'll see how well the numbers work. NOW...heres the dilemma.

I will offer what the house is worth to me when I see whats involved. However as a realtor I also know what it would sell for if I listed it which would likely be much more than I would pay myself. I have disclosed agency to my birddog but have not had any contact with the seller yet. I could call him but I'm not gonna step on the birddogs toes.
What do I do? How do I approach this? Do I give the seller the option of my price and retail price? My personal stance has always been that if the client is best served by a retail sale, let them have it. Since I have not spoken to him I don't know what his situation or level of motivation is really.

And one more - How do I comp my birddog? If I buy the property, I was thinking like 500 bucks? However if I end up listing the property its illegal for me to pay someone for a referral. How do I compensate him?