If I fund the 150k cash out of pocket for the renovation in materials and work I can not perform (electrical/plumbing) How do I account for physical time and labor with this deal?

It's an excellent opportunity to learn real estate, learn property management, and even renovations/repairs to better understand the physical/construction side of things.

In conclusion : I would offer something very close to what they want and then negotiate in a tactful, respectful and strategic way. with a goal of $450k to $480k purchase (depending on physical inspections and potential renovations needed). send me a PM if you like to discuss further 

You can write off those expenses as well so not only do you get half the physical cost you get tax benefits too.

I found myself caught between wanting to pursue my newfound interest in real estate and following through with my original plan of becoming a Physical Therapist.

I do this and have found it more targeted and less risky in that I am only reaching out to people who own assets that I actually want and I can also inspect the physical property before I go under contract with a seller. 

I also took advantage of video walk throughs since I too will not be able to physically go to most of these houses I place offers on.

Which certainly would not disallow the LL from themselves physically doing the labor but nothing specifies rates.

Not condition, but the physical shape?

Step 1: You have to have at least one person who is physically in the market you are buying in.