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. 

There's no right or wrong way to do it but I enjoy hearing other peoples approach.

You can never prepare fully and you will always be able to do it better, I would recommend buying your primary as a live in flip or house hack first, it is hard to mess up if you approach the purchase with just a few calculators and make sure you have some equity starting off by buying it at a discount.