We are given that \( \sec \theta + \tan \theta = p \). We need to find the value of:
\[
\frac{\sin \theta - 1}{\sin \theta + 1}
\]
We can square both sides of the given equation \( \sec \theta + \tan \theta = p \):
\[
(\sec \theta + \tan \theta)^2 = p^2
\]
This expands to:
\[
\sec^2 \theta + 2 \sec \theta \tan \theta + \tan^2 \theta = p^2
\]
Using the identity \( \sec^2 \theta - \tan^2 \theta = 1 \), we substitute:
\[
1 + 2 \sec \theta \tan \theta = p^2
\]
Now, express \( \sec \theta \tan \theta \) in terms of \( p \) and use this to simplify the given expression.
Thus, the correct answer is \( -\frac{1}{p^2} \).