If you could post about pros and cons, life style, ability to work extra, commission, hours...

And the way many agents talk about it, sellers and listings seem to be more favorable than working with buyers (especially since you get a commission from both selling the property and also helping that seller find a new one, in most cases).

I'm not completely solid on what balance I will find between commissions from investors, commissions from more traditional home sales, and cashflow from rentals, however I'm diving into it with an open mind to see where I find opportunities. 

If they just wanted to relieve themselves of the management they could pay a PM 10% of the gross rents for $380/month and come out way ahead.There are a couple routes that I personally would go which is either buy it outright and negotiate a better price, have the seller participate in the financing by wrapping the original note (uphill battle but could work) and giving an all inclusive Trust Deed to the seller, or go the MLO route at the price they want with a 10 year window with option consideration enough to cover the agent’s commission.

That is worth the higher commission fee to start. 

I listed with a flat fee MLS offering a 1% buyers commission.

Rather than pay out a significant commission to a broker, I'd like to limit that expense. 

Additionally, if you bring in an agent at this point, having already spoken with the seller's agent, you may need to pay your agents commission.  

I know the area well and condos haven’t done much of anything in regards to appreciation in the last 2 years, so I’d be concerned nearly all of your down payment will be gobbled up by commissions and closing costs if you sell, unless you got a downright phenomenal deal on the place or made significant improvements.

If it's an FSBO, the commission will be paid by either the seller or you.