Too bad it didn't or I would have had a nice little pay day.  .  

They also pay 18% on there cars and get pay day loans.

All samples (many more could be listed) of agent's feedback will surely instantly corrupt any hopes of me earning as a middle man, even coming between both sides (agent, potential buyer) is, based on samples of quoted text above, completely impossible.

Even if getting an FHA low-deposit loan, I always suggest: buy a bargain (so that your 3.5% deposit gets you around 30% instant equity, instead of 3.5%)!

Realtor has been in the business for years and is pretty confident it will appraise around $115k which would give me $15k of instant equity.

With flipping you also pay higher taxes since it's considered active income and with rental property you get a much smaller pay day, but you also pay little to no tax on the gains since it's passive and therefore have a number of tax advantages you can take. 

@Rob Hoffman Yes I talked to a few local people and I instantly realized why it would be a bad idea.

buy it , have an instant renter, positive cash flow right away  or keep shopping around for a higher price house in a better area with a little higher rent and do the tenant screening stuff, etc ? 

I think you'll be best off, however, if you make an honest effort to not just treat the situation like a payday and find something that works for both parties.

You do need to obtain an EIN - it is free and instant on the IRS website.