I have done several of these, some are in the works for me, and I have done some for others (acting as the Broker and Property Manager working for the seller and/or buyer(s)) It's really a neat way to tie up a property and for both parties to get what they need, on their terms.I am in one right now with a fellow BP member, and in our situation it has worked extremely well.  

This was likely some wholesaler type tying up a property and trying to prevent the seller from selling it to anyone else.  

It's obvious you don't have a clue about a short sale transaction, and that's okay, but don't tie up some owner's house for 90-120 days on a short sale, then walk way leaving the owner facing a foreclosure auction with no time to sell to a real buyer, if the listing agent is dumb enough to let you put it under contract.  

What would you do to complete your first RE deal in my shoes, or would you just NOT BOTHER?

I had all my money tied up for a while due to investing in the hight of the market and have now sold the place I was investing in with my partners and did a 1031 exchange into a small 15 unit apartment complex it is makes about 2k per month +/-.  

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.