Hello,I've been saving all year for a down payment and have been working to building my credit.

@Larry T.Forgot to mention that I'm not interested in a flip unless I have to exit because I don't want to pay capital gains.You are correct it would be 107K not 134K.I just found out today that the owner will file a claim on her roof and get it repair or replace, saving me 5-10K.

Typically on my pro formas I don't figure in depreciation tax savings.

As a result, home sellers can save thousands of dollars. $ Closing subject-to existing financing is quicker.

My wife and I have excellent incomes, sizeable investments, and $30,000 saved up in our emergency fund. 

So your tax deferral might be very small on that 15K or so gain, and you get to reduce that gain by costs you incurred over that year, and then subtract the QI fee to see what you are "saving" but really deferring.

I have several friends that are realtors but would rather save the 3%.

I flat out said "no, perhaps your new wife can share your retirement, pensions, etc, but not the equity in my mom's house."  

So, basically, I would buy myself a salary (income stream), albeit larger than what I make now, and we would then invest our savings in real estate with an eye to the future. 

You might want to just be happy with that and just start saving up for the next deal.