just not sure we can or want to deal with the headaches for what we hope is another 30 yrs. above ground! 

Again, I am trying to practice and run some numbers on potential investments and would like help since I am just starting to learn the games of real estate and underwriting deals.

While PP is likely higher than the Midwest we’re seeing loads of consistent appreciation and you can still find deals that cash flow $250-$300/unit after all expenses figured in.

The person who will lease the restaurant space would like for us to go in 50/50 on another opportunity once we figure out if the numbers will work on that deal.  

The only reason I will buy cash is to try to get a better deal, and then right after, I can refinance to take advantage of the interest rates.I am trying to figure out what makes more sense in Gastonia?

The second buyer will pay 150K cash after appraisal.I assuming number 2 is the better deal.

Or what is the proper way to deal with it?

In turn the seller can take action against you because there is an agreement between you and the seller.This is true UNLESS you did this deal as an actual "assignment" and the contract between you and the seller has "or assigns" as the buyer and you notified the buyer of the change in buyers prior to the deal falling apart.

Be conscious of people's time and be respectful of the work your loan officer/broker is putting in to get your deal to the closing table.

It's definitely possible and we have done some similar deals.