I would just tenant proof the property and charge whatever price the PM is willing to take and your excuse would be that "Hey I am taking on a lot of risk, so I need to be compensated well".  

As such, they do not list on the MLS nor do they compensate out-of-brokerage agents for producing a buyer.

Even the buyer's agent probably doesn't know he closed the deal and I very much doubt the buyer's agent got compensated for bringing this deal to his attention. 

Their compensation - cut, commission, profit split, trailer fee, "whatever you want to call it" - can be structured in many different ways.

This can be done two way:1) Don't get a loan and just pool in 20K of your own cash2) One person gets the total loan, and he/she be compensated for the recourseSome of the responsibilities can be: Funding, LLC formation, negotiation & purchase, Rehab & GC, Resale marketing

I would refinance/pull all equity and live with possible negative cash flow, invest in additional properties to compensate and sell your parents home in a couple of years.

The new Section 199A tax deduction slightly benefits LLCs over S-corporations because the deduction applies to more (with an S-corporation, if you take money out of the business you first have to take a "reasonable compensation" that does not could for the 199A deduction). 

Check out California's Mortgage Foreclosure Consultant Act at Civil Code 2945.4(a): "It shall be a violation for a foreclosure consultant to:(a) Claim, demand, charge, collect, or receive any compensation until after the foreclosure consultant has fully performed each and every service the foreclosure consultant contracted to perform or represented that he or she would perform."

I would get buddy buddy with a young hard working energetic Realtor who will help you out with MLS comps.With that said make sure you compensate your Realtor for their time - either by selling a property with them at some point in time or buy them lunch every once in a while or...something, - you don't want them to feel used, or they won't continue to help you.

Then be sure to compensate them properly.