You basically have two options available: an instalment sale: the buyers purchase the house from you using X number of regular payments over Y years; or a purchase option: you simultaneously execute a regular rental lease and an option to purchase the property at a fixed price at some point in the future (3-5 years).  

I feel like I have a solid understand of the REI concepts and fundamentals, I felt like practicing on comps was the next logical step to take, should I be doing something else or am I on the right path?

The investment into education and knowledge in general is priceless and generally less expensive then your first potential mistake without having it to begin with.Second step in the knowledge process is, after the foundation knowledge is set and you understand the acronyms in the industry, street talk, construction lingo, valuations, exit strategies...then you can add to your tool-belt some items that may facilitate a further analysis like spreadsheets, apps, etc.Real Estate Investing is a TEAM Sport, and to try to understand everything on your own to the point that you feel comfortable to then act is an unreasonable expectation.Surround yourself with a strong Team, an experienced Mentor local to you, have that foundation education completed, put that tool-belt together and then act on a sound opportunity.NOTE: Wholesaling gives you an opportunity to practice what you learn, gives you an opportunity to vet your Team and affords you the opportunity to valuate the property without risk to start with.

I'm a 11 year commercial real estate broker by trade and my practice focuses on Office and Industrial property primarily in Orange County & Los Angeles County.

I am not familiar with VA practices, but I think using a title company for the closing is common practice.

A degree in finance is practically worthless without it. 

That way you don't have to worry about licensing laws or whether you're practicing real estate without a license.Another option is to buy the property with seller financing, mark it up, and sell it with seller financing ("wrapping" the seller financed loan that you got from the seller), or as a lease option.

Common practice is to make money when you buy or you made a bad deal, so if he desn't know what money he is making from the start then he doesn't have a good plan and I certainly wouldn't follow it.I know housing is tight in the Western US - WY, ID, MT, ND, SD, UT etc etc so housing will come at a premium of some sort (price or competition etc).

I figured this was a perfect 1st deal just so I could practice going through contracts and filling out deeds with an out of state owner with almost no risk.

We always try to aim for practicality because that is kind of who we are and how we market ourselves.Hope that helps.