Not a bad return.I recently joined a property management team in my brokerage office.

No amount of marketing in the world will sell an overpriced listing.If you get it listed at a good price for the market and your friend cleans it up on the outside and inside then your marketing efforts should pay off in some offers from buyers.If your friend starts off high ( they all like to usually ) only go maybe 5% or less above the current sold's in the last month and then have built in markdowns for the listing contract.Make sure co-op is great to buyers broker/agent to drive traffic to the property.  

Keep in mind accepting a referral fee may be considered illegal as "Practicing real estate brokerage without a license" Lots of investors do it though.

@Marcy LaNore welcome to the site.I would recommend you look up 3-4 brokerages that are very close to your home.Talk with each of the brokers and see who you gel with the best.

In the brokerage and investment communities, it's a shorthand way to evaluate whether it's a viable investment or not. 

I am a licensed Realtor in Michigan and looking to become part of a brokerage in Atlanta, I have spoken to Maximum One Realty and Metro-brokers.

Origin Capital, Selequity, SaundersDailey, etc are all run as side businesses with most of the income generated from traditional development or brokerage.  

In addition to banks, you can checkout local mortgage brokerages that specialize in mortgage loans.

Expected cash flow $200+.Because I don't have 2-year income history, I'm financing this myself against a brokerage account.

You should state your reasons for obtaining your license through this route because if you're trying to save on RE commissions, generate side income, or start a brokerage company it may benefit you to just start off with getting your salespersons license here in HI.