There are laws that govern a situation like this. I'd love to be more specific and tell you exactly what the deal is, but as a licensed agent it would be considered inappropriate for me to do anything that looks like I'm giving legal advice.
Contact me if you need a good attorney.
You will get no credit for being the FIRST, and probably none for being the BEST.
The legalities of your idea would have to be answered by a local attorney, but this I can tell you:
Earnest Money is deposited into the Escrow account,
You are proposing a simple Lease/Option with your friend,
Good luck and may God bless