Where a broker comes in very handy is handling the offer and the transaction.

At first it sounds like typical, corny corporate-speak: PM business is relationships, not transactional.

They are negotiable but the realtor will have to pay that fee at a minimum to their broker upon closed transaction. 

We're talking about title company reps, real estate transaction attorneys, SEC attorneys (yeah, the fancy ones), insurance agents, and lenders who make magic happen.

It was not uncommon that they bought some of the worst houses (weird layout, dated, much deferred maintenance) in the nicest neighborhoods and then would try to relist them as-is to make a profit before ending up having to do the actual work required to the property for it to sell again, selling at a loss, or maybe making a little bit of money in transaction fees.

Within those cities, I am targeting assets in central business districts (CBDs) and popular entertainment areas where large amounts of people congregate daily. 

Most lenders will allow up to 75 maybe 80% loan to value on a cash out transaction for an investment property loan. 

I'm glad MLS's (and Z) are cracking down on "grey transactions" that come across as possibly predatory deals. 

Start by networking with other investors on BiggerPockets who are active in those areas, and make a habit of browsing Zillow and other platforms daily.

As an agent, I always tell my clients, you do NOT need an agent to do a transaction.