In a emergency, I could be up there in 2 ½ hours.Taking into account comps from other rentals on VRBO & AirBnB, services fees, VT room tax, cleaning and management costs, I think my break-even would be in the 60-80 nights/year range.

This will tell you how much the land is worth based on value of home sales after taking into account the build costs, soft costs, development impact fees, etc. 

Will be providing them an opportunity of about 150k RFQ/PO for a client of mine in the next couple of weeks, I asked for ground drop on all materials and single day delivery without fee they said it wouldn't be an issue.

You can earn a referral fee.

The only issue is a $35K membership fee.

E&O insurance is typically provided to you by your broker, usually a fee per closed transaction, $50 or so.

If you would rather stick with your seller then you can farm out your buyer to another agent and take a referral fee, but that is still pushing the line.

Well now I have a little bit of savings after working hard and saving like crazy for a LONG time and I've decided to buy a home cash in Memphis so that I have less risk (vacancies, HOA fees, mortgage payments, etc. all scare me, being a newbie, so I see this as the lowest risk way to get started because even if the home sits vacant for a year I would only have to pay taxes and insurance). 

I'd also be renting to him at market rate and cash-flowing (until he decides to buy), and I'm going to collect an option fee from him.

If you do need one of these have it professionally maintained and possibly charge a night deposit.