You should never tie an option to a lease, or a lease to an option.If this is your residence,Offer a lease purchase (screen buyers)Separate lease, 12 mo term, market rent.Separate sale and purchase agreement, 3% earnest money, non refundable, with long term closing date, say 12 months.Send LP tenant buyer to mortgage banker IMMEDIATELY.Send LP tenant buyer to get assistance improving credit and FICO scores. 

It looks like you want the compensation of this partner to be tied to something other than just hours worked.Your priorities seem to be finishing the various rehab tasks quickly and with quality.

When I was looking at the broker's course, my broker, cpa, and attorney strongly encouraged my not to get a license, as all the disclosure can tie you hands somewhat.just fyi..

I like the idea of being mentored but at the same time I'm worried that if you're not somehow tied into a bigger firm a potential client may be more hesitant to do business with you.

Of course you gotta take in your opportunity costs if that ties up a lot of your cash. 

I have my own thoughts on what a mentor could bring to the table, but I wanted to also ask the community what questions they would ask if in my shoes. 

I formally cut ties with the dishonest investor over a month  ago, so I'm not doing anything behind his back...As for the 4 plex investor, I am  going to tell him that I am wanting to wholesale it.

Totally agree, you can't know your market sitting at a computer, real estate is a social business as Matt described, use some shoe leather, walk and talk, meet people, get belly to belly as they say. :)

However I put in mine that they can be negated with 1 days notice.Good agents do not need to contractually tie a buyer to us.

I'm confident I can find great deals for you.Most women love hand bags or shoes.