I hope the numbers work out well for you.

The bed and breakfast will work out if you commit yourself to marketing like your life depends on it.

You have to work out the terms of the loan with your "lenders", then you just make payment on the loan like you would any other loan. 

or should we take that money, find two pieces of rental properties at $400k each and put a 50% down on both so that we can rent them out assuming all figures work out and we are getting some passive income?

There is a FSBO that has popped up on a street near us that is in an excellent rental location and in good condition, for a good price (the numbers work out well).

Should I try to pass it onto another person who wholesales so they can work out the numbers and maybe earn me a little knowledge and maybe even cash for passing it down?

I'm taking the route that this is labor intensive, which isn't a bad thing.Let me know if you find anything.

I am working on my first flip now and I had intended to sub all of the work out because I had little interest in diy’ing the work.

If you can't work out net yields and understand how to improve internal rates of return through financing then you shouldn't start investing.

If they work out well, you can offer them a lease option to buy  and then go out and buy more units!!