The listing agreement likely spells out the commission rate...that does not mean that you can't alter it...you want the best terms possible with the least out-of-pocket.

Last time I checked, the official position of the State Real Estate Commission is that the general law on property management applies to vacation rentals as well.

Then some realtor would get screwed out of his commission. 

Look to wholesalers or people looking to sell off market to save a commission. 

Assuming you did a great job on the renovations, and also that you don't live somewhere that restricts doing so, I would lease/purchase the house.I'd ask for slightly-above market rent, set the purchase price at some reasonable markup from current value, and require 3-4% of the purchase price in non-refundable earnest money to be paid at lease signing.You'd get all the benefits of renting to a quality tenant and (ideally) a top-dollar sale price with no negotiation, inspection, or buyer commission!

If we are able to get away without the ADA compliant (front load) machines then the commissions to me would be better. 

Giving us better access to finding financing and being able to save some commissions by doing it ourselves and then reinvesting that back into the buisness.My question would be is it feasible/ worth looking into and is there anyone out there doing this?

As I understand it, a lis pendens requires that a lawsuit is actually pending, not just threatened - but that's an attorney question.I'll just note that if the agent is the one doing the screwing here, that you can file a complaint of fraud with the real estate board / commission. 

You would have more access to market data and properties and would be able to get a commission on any property you buy which is a perk, but again, depends on how active you plan to be with it to determine ifs value. 

I'd also be really clear with your current family friend/agent that you want to keep your options open so that there aren't any misunderstandings.Who ever you're talking to, always keep in mind that if an agent brings you a deal (whether its on or off market) he almost certainly expects to be your agent (and get paid full commission) on the purchase and on the post-renovation listing.