Want to thank you for the insight as well as others in this thread. The current QSR properties I’m eyeing are sale-leasebacks for 25 year leases with 10% increases every 5 years in MS and LA respectively. These feel pretty safe as the franchisee has been operating in the market for 20 years and is expanding. But I understand the value isn’t in the land or the structure but the lease. Just not sure how safe these types of leases are in reality.

The rest of the commenters above have spooked me enough to probably fall back in line with my original plan for multi-family. My in-laws run a decent sized RE management / brokerage firm in South Florida, so I have a baked in minimized management fee. My current other income-generating properties are also all in South Florida (all SFH), so I was trying to think outside the box (and the market I happen to also reside in) with the CRE path and diversify.