When a target property surfaces, be prepared to act on it within HOURS not days.Be prepared to show a solid proof of funds (not a print-it-yourself POF from a hard money site) and to submit a reasonable offer (most likely 97%+ of asking price).And if you have a good agent, you'll get that property under contract and start you due diligence. 

However, I would like to have wording in the contract that specifically states we will either find another buyer or contract becomes null/void , allowing us to walk away from the property.

In contract on a property for myself at the moment so do not have enough cash for another rental.  

@Michael Wentzel I'm wondering how does an assignment of contract work??

One that is familiar and comfortable with: Double escrows Assignments Wraps (sub2's, Contract for Deed)

I have contract signed.

Account Closed when my partner and I were under contract for a 40 unit in Omaha, we had the seller send us his bank statements so we could verify that the checks coming in were actually being deposited.

Hello friends, I have an off market property under contract in San Antonio I need some insight on.  

It may also depend on the contract from the state.

It’s hard because each week when duplexes, triplexes, and fourplexes hit the market in my area they are under contract within a day.