How or where does someone approach a passive investor/ partner when the strategy is to buy and hold with marginal cash flows when split? 

I own a vacant commercial medical office in South Jersey and was approached by a realtor to rent out to a dispensary.

Both of those property types/approaches have added risks and pitfalls associated with them, in my experience. 

Some providers take the approach that a furnace or water heater with several years of expected life shouldn't be replaced in the rehab, but that the final product should be priced accordingly.

Being a unique situation and market specific, I think most brokers would approach it differently so you should work directly with your broker to make sure you're not violating any of your MLS's procedures but still providing full service to your family friend.In Utah it's not uncommon to see a buyer's agent commission be a fixed number, in this case it could be $1 or something small like $500.  

Would appreciate any lender referrals, insight or different approaches anyone might suggest!

I've taken unsolicited offers myself several times, but been approached countless times.  

Couple years ago, I was approached by a good friend of mine who was very interested in investment properties.

Couple years ago, I was approached by a good friend of mine who was very interested in investment properties.

We use a cashflow approach.