Sharedengergy,
First I would like to say that you do not have to worry about the Realtors taking your business. The 5% that are making a living at this are professionals and have enough to keep them busy. The other 95% are either, part time or less motivated (for whatever reason).
Your second option is the way to go if you want my opinion. If you can establish yourself as an expert in these types of transactions and perform a excellent service...more business will follow. Not only are you providing cash to the owner, but you are managing the property and creating residual income.
I am here in Costa Rica and there are properties which are already existing and ocean front and cost upwards of 650k plus. Back in the states these properties would be 1.5M. If you could own a piece of that 650k home over looking the ocean why not. I am in the process of doing exactly what you are trying to do in the states. Be careful though, with some associations have it written in to no allow this type of ownership.
Ellie
SeaBreeze