Sorry this is so general but there are a few things I don't understand I know you would like to build one way links to your site using good keywords as anchor text however i also heard that google penalized those who sell links on their sites however google itself used to "sell" links in their google referrals program (not really sell but allows them as a form of advertising) well what if someone wants to advertise on my site and use a text hyperlink with keywords can i not sell them that space? I will get penalized for that? How does Google even know?
Google may not know if the link is paid for, providing it is related to your niche. If you want to be safe, add rel=nofollow to the link. It won't pass PR, but is acceptable in Google's eyes.
I would just not list that your selling them on that site maybe make simple website and link to that with list your site here. If you post on the site your selling links i am sure they will find out.
If you want to get money from selling link space to somebody, there is such a potential risk. You shouldn't claim to sell space in any high-profile way. Private message in forums is a good way to deal.
Put rel="nofollow" in the links. This way you won't have any link juice leaks and also Google will agree with your selling links.
I wouldn't worry about it, sell your link. Google can only penalise those who overtly sell links like a site that blatantly advertises links for $100 or whatever. If you sell links discretly Google can't tell.
If you are going to sell links you should avoid using the following terms on the page paid links, sponsored links, or sponsored by, these are some of the terms that will draw google's attention to your paid links.
I dont want to sell links what i want is to have a sponsered links section on each tag in my article directory below but I dont want google to think i am selling links but also i want JUSTICE google profits by selling links on our sites, if you used referral ads and used the textual links , it is what they were doing but they are saying we can't
If you are going to do this, make sure the advertiser knows you are going to before agreeing to the transaction. If I got a link and found this after the event I would be majorly pissed. I doubt anyone would want the link after you told them this.
If you are going to put the rel="nofollow" tag you won't sell any sponsor links, sponsor links wont give the advertisers any traffic they'll only give them PR. But if you want to sell links that's the risk you have to take. Just don't make it obvious, remember google will not go through each and every site to check for sponsored links, they build an algorithm that detects certain pattern. Like lists of links, sponsored by text etc... Use titles like My Friends, Interesting Sites, Relevant sites etc...
Google is very funny that way, they actually still sell you top spot via google adwords which is kind of hypocritical.
Actually Google can do anything they want. They have the right to do anything they want with their lists as long as they are not defamatory with th sites in their list . The links they put on peoples sites do not affect their own system of ranking site (they are within script). They have the right to not allow links you put on your site to affect their ranking system. I may not like the way my local newspaper treats it's advertisers, but there is nothing I can do about it but not buy the paper. Same with Google, you may not like how they do things, but if you want to benefit by their services you have to play by their rules.
as long as you don't make it obvious then it is ok. don't make the link sitewide, put it in a list on the right side or small text on the bottom.
In the end, your site still has to offer something fairly quality to be in Adwords, otherwise if your site is crappy, you'll end up losing money. People need to optimize their site as much as possible in order to gain a return.