taking an interest instead of a commission

[Tidal Creek]

I think my market has stabilized, but values haven't begun to increase yet. I haven't purchased anything since my last 1031 in the winter of 2007. I have acquaintenances who have cabin fever and are anxious to get back in the game. I threw out an idea to an unlicensed investor and he thought it may work. I keep my appraisal and broker license active to fill in the gaps. If I represent him as a buyer agent and waive my commission and take fractional ownership of the property he would like that better than paying me a commission. On typical listings it would be 3% of ownership and for FHA foreclosures it would be 6%. For land it will usually be 4-5%. For multi-family properties we would negotiate something. Three others that I know are open to the idea as well. Does anyone see any flaws in this?