So my question is, taking the ethical stance out of the equation, and the social ramification argument, what have you all seen as to the impact that this industry has had on the real estate market in the areas that have adopted some legal form of marijuana.

Use that to your advantage to leverage a higher land sale.Run those numbers with the land out of the equation. 

If we flip this equation around we can also determine a potential purchase price as NOI/Cap rate = purchase price.

Actual cost is different than your equation posted. 

The tenants moved a relative in, adding a third car to the equation.

He can get a new sub let tenant or he can honour the language of the lease, what ever that may be in regards to breaking a lease.She's dead, take your feelings and the son's out of the equation.

Good deals exist everywhere when cash is in the equation. 

I assumed that if I brought him three properties he would definitely not want to ruin it by cutting me out of the equation.

I would put myself in this equation if the deal had more significant numbers (rents, margin percent, equity) but since I'm not buying in the Raleigh area anymore it doesn't make sense for me anyway....

To be honest... hassle factor is just part of the equation and comes with commercial real estate world... of multi family housing...