Potential partner - Tough to comment much without knowing what skills and talents each of you bring to the table. 

If you're bringing deals to the table, there is definitely room for a % in commission.

I think otherwise you're leaving a ton of money on the table. 

Take advantage of your skills you bring to the table.

Otherwise, I think the "market" would say you should be getting some sort of commission/finders fee.The big thing is that you aren't bring any cash to the table. 

4) How much are you bringing to the table? 

There was also another competing offer on the table if that tells you anything. 

That will only lower the amount of competition between buyers (or cause some buyers to bail before they have skin in the game)The only reason I see for this is if it is a very competitive market where you have a great offer on the table, but are expecting a ton more offers, at that point the seller may want to set certain terms like no inspection/financing/appraisal contingencies, sub 30 days to close, etc, but still, I wouldn't give away price points.

I wouldn't do it too soon before the property is stabilized because you could leave too much on the table.

Depending on what your parents make, they could get approved but once again a lender will be able to give you more specifics.If traditional financing is off the table, I would then try to approach the owner with a creative solution.