Personally, after doing something similar with a friend, I would use a LLC Operating agreement to outline each individual's role, their payout, and penalties for non performance.I'm assuming it's a flip.

I would take an active role in the day-to-day operations.

I have always exercised the leases under my legal name, Queenie Wang, as the Lessor/Landlord.

Rather than a role model or an example to follow. 

I'll send a link to a video I've done on how to do this.A lease option would work as long as you structure your the option exercise with the buyer so the dates work for you. 

I'm going to take an educated guess here and assume you have many friends in the lending and investing business have you heard they're experiencing due on sales being exercised by banks?

I am compiling an offer for the house, and the agent is asking me to sign a document that has language that I am not fully understanding.In my understanding, the agent's commission is paid by the seller, but in "Client's Obligations" it seems I am responsible for 3% of the purchase price of the property or 50% of the aggregate rental of the lease and all options as exercised. 

I decided to get this license because I wanted to keep some real estate career options open and learn more about the business, however at this time I have no intention of exercising the privileges of the license.

I am employed by a development company in an acquisitions role.

We also inform them of the landlord's and our office's obligations and what all of our roles are in the transaction.