Commercial real estate for business owner

[Matthew Stewart]

I am planning to purchase a small business in Texas. The current owner holds the real estate in an LLC, separate from the operating company.

I would like to make parallel calculations regarding P&L and cash flow for:
(a) purchase of the real estate and have it in a separate LLC. The operating company would pay rent to this ... generating passive income as I understand.
(b) "lease to own" ... offer the owner to buy the operating company, and lease the real estate for ~2 years with an option to purchase.

I would like to compare the relative returns, but I need some guidance how to start and if there are templates that can be used.

I have fairly good business acumen, but this is my first time getting into this type of question, so I appreciate any advice!

(originally posted in the ite Q&A by mistake!)

Regards,
Matt