Then with approval it goes on the to Planning Commission for public review.

A good portion of that is technically per diem and commission. 

I charge 3.5% for the listing representation (paid by the bank) and I give .5% of that commission to the attorney (the negotiator).

Granted with option number 2 the commission split won't be as great but the way I look at is would you rather have 90% of $0 or 40% of $5000?

Unless he is willing to get rid of the cat and start pulling his own carpets, no amount of commission would get me to list this house with the offending cat still occupying it.  

Although I've been very fortunate to have a full-time salary + commission job before I've even graduated college (I only have 9 credits this semester), I'm not fully satisfied. 

But when you are talking directly with an owner and they want to do it off market to save an agent commission, I would like them to have some form of representation so they dont come back saying I deceived them or whatever. 

His statements do not match because you need at least 400k down plus closing costs plus have to set aside money for the turn around with tenant improvements, legal contract fees, and leasing commissions at a minimum.So you are talking 1 million easy all in on this.

I would at least strive for 92% of asking less commissions if off-market.  

Commission?