Offer accepted - do I go through with it?

[Hannah Joy]

I'm partnering with a friend - she put an all cash offer for 350k on a multi family in Northern Cali: four one bedroom units built solidly with concrete block construction. Units do need renovation in all four bathrooms, new flooring and some interior wall repairs, also need new sewer to the main. Great location, seems like a gem that will need sweat equity. I'd be the sweat equity, she'll partner 50/50 either revenue or equity or a split of both. How should I structure this? Need advice and fast! We didn't think the offer would be accepted!