Today not many bank owned properties and even it is they're ok with it as long as you can provide operating agreement and articles of incorporation to ensure arms length transaction.

Are you offering transactions, do you want to learn from them, make a friend, start a REIA, borrow money, build a buyers list?

Start by researching rates with some local lenders, most people recommend credit unions and local banks versus large national chains.

Such reciprocating transaction is not allowed and would disqualify your IRA. 

It doesn't require an attorney, just an attentive title company escrow officer who prepares the documents and handles the funds necessary to complete the transaction. 

Commission splits, desk fees, transaction fees are not very high on my list of priorities.

I also acquired the tenant which was extremely stressful in the beginning but happens to be the best tenant ever (fingers crossed).

Houses in the same condition in the same neighborhood were sold for around 60k and were off market transactions as well, most likely bought by investors. 

Good question @Joey TuckeyWhile you mention “fair transactions” I have thought a lot about honest business practices for my wholesaling business (so much so that I named my business Honor Homebuyers, Psalm 16:8).

I have one lender that I can use a "cross collateral" loan, meaning using the equity in my house as equity and he will finance the entire purchase.