With that said, there are plenty of brokers that just charge a small transaction fee or whatever.  

per REG D you cannot use a savings account if it will contain 'excessive' transactions.

Since I wouldn't personally do a transaction without title work, I can't answer the required part.

Even if it is a commercial transaction, individuals are under different rules than regulated institutions.

@Sebastian Konior commented, yes there are some areas of Milwaukee that are a little riskier than others and where the $4k - $5k multi-families are located they are in the D neighborhoods, however there are some great areas that are in the Milwaukee city limits but in B+ neighborhoods.There is a great area that borders Wauwatosa, which is a great town that is growing.

If I come across a great deal at say 3 million it is different than at 10 million. 10 million might be a great deal but doesn't mean I can pull it off alone myself without a syndicate etc. but I might have an investor that can own by themselves and would love that property.I think it is smart for brokers to also be investors and not just transactions only.

Well that $10 must be refunded to the applicant and all transactions are to be memorialized by the issuance of a receipt of the transaction. 

When you valued that new transaction would you say the house was a $100k house and has a 20% cap rate?

I calculated about $15k in buying, transactional and holding fees on a 6 month rehab loan. $80k in renovations. $5k in realtor fees. $2.5k in staging and advertising.I was planning on offering her $40K for the property.I would love to hear anyone's opinion on how I've approached this deal. 

Well, anyway, with that said, I will just assume that the nature after award is like a government transaction where it is required to post payment/performance bonds.