I'm currently looking at a manufacturing business where the owner is also selling the real estate and it's critical to the business. Trying to pressure test how I'm framing the analysis and would love how others think about it: Structure - When the real estate is owner occupied with no rent on the P&L, my instinct is to add back a market rent expense so I'm valuing the operating business on its own economics, then evaluate the property and its financing separately. If there is a rent expense to a related party, I'd add it back and replace it with actual debt service. Is that how you all approach it, or do you underwrite the whole thing as one blended cash flow? Financing - Was thinking that using a 504 for the real estate might be the play. Curious how splitting the real estate into a 504 vs. rolling everything into a 7(a) changes your return profile and your lender's appetite. Does carving out the property actually help the DSCR math, or just move it around? Sale Leasebacks - Has anyone worked with a group on a sale leaseback at or near close to free up capital? Would love names of firms people have actually used, and whether the lease terms they wrote were something you'd sign again. Trying to understand how a leaseback changes returns vs. just holding the property. Appreciate any input especially from folks where the real estate ended up being the thing that made or broke the deal.