If he really wants to "roll up his sleeves", he can scout properties in your community (or on the internet) and get paid a "commission" if he finds one of your investor-friends in Omaha to buy it (aka, acquisition fee/finder's fee).

To evaluate Real esteate deals for creative financing, start by identifying seller motivations i.e. financial distress, desire for passive income, do they need a downpayment on their next house, etc  and property factors like equity or existing financing terms.

Maybe there are things I don't know and haven't factored in.

Have you paid their standard fee (or beat them up to lessen it further) or a premium to cut the line when updates or revisions are needed?

If Tenant fails to establish a utility account, becomes delinquent, or is disconnected for any reason during the term of this Agreement, Agent shall charge Tenant for the actual cost of utility use plus a $25 Administrative Fee for each invoice processed by Agent.

Make sure you know what it's like to be an Agent before you spend thousands of dollars on MLS fees etc.. 

What other factors should I be considering?

You also need to account for taxes, insurance, HOA dues and management fees. 

They're good to have open access to capital/cash/equity to a property ahead of time so you can execute a deal or purchase when the time comes on a split second decision (versus having to apply to a loan at that time which might take 20-45 days to get approved/closed/etc plus by that time you dont know what your future income/credit/assets will be like in order to qualify anyway).The second use is sleep at night factor and having a reserve of capital in the event an emergency event occurs in life.For these two reasons is why I use lines of credit.

However, when you factor in the HELOC, we have a negative / break-even cash flow (HELOC payments are about 25% of the revenue from both).