Then there are realtor commissions, taxes, etc.

A well priced unit will get multiple offers its first weekend on the market.Next would probably be a for sale by owner, which if you know what you are doing, can save you the listing agent's commission, and sometimes even both commissions, making it more profitable.

While I love getting double commission, people who come directly to me get taken advantage of because of their naievety. 

My only thoughts are this is probably mostly an appreciation play but also, that $40k in appreciation, how much of that is eaten up at closing in 10 years by commissions, transfer tax, other closing costs, etc.?

Is the person making a commission as the agent?

In SC it is titled to the county if no one wanted it in the name of Forfeitted Land Commission.

Basically the selling agent is willing to give up part of their commission to a buyer.

Would it be wrong of me to ask for a commission split between her and I now that I am an agent myself or should I allow her to keep the entire commission

So we might get lucky and do a FSBO and save come commission/fees. 

Maybe now is the time to really ramp that side of things up to generate commissions ?