I have heard of the concept, and I have heard they are popular.

A mom & pop with a beloved local business or a franchiser with just a few of a hot new concept are probably better bets and cheaper too.

How do I make the journal entries?  

They will often want a new building constructed and building today with labor and materials is very expensive versus retrofitting existing building.When I buy value add vacant buildings the goal is to double the return on investment within a 3 year period.So if I can use the existing building and retrofit to same concept ( example previous burger inc. but now Whataburger wants to come in ) then not as much tenant improvements to convert.So if rent 20 a foot for 5,000 ft that is 100k NOI NNN a year. 7 cap value is about a 1,400,000 stabilized valueSo if I buy it for 400k and have 300k in it more 700k to get new tenant in the value is then around 1,400,000 based on NNN 20 a foot and a 7 cap rate exit value.If you want a premium price then you would need to sell to an end user tenant ( regional or national in nature) that wants to buy the building and put their concept in there.

The Wall Street Journal/Realtor.com Winter 2023 Emerging Housing Markets Index put the market as the #1 emerging market in America, classifying it as a hot market. https://www.ibrc.indiana.edu/ibr/2023/outlook/lafayette.htmlI've worked with a lot of investors who have found success investing in smaller markets throughout the state.

Use whatever appreciation numbers you want, but the concept remains the same.

Negative cash flow might get harder to manage if interest rates go up, the market shifts, or unanticipated costs crop up.One essential financial concept is diversification.

Another reason to never, never buy a rental in a state that is tenant friendly.I imagine that the Govt will provide housing vouchers for these illegals (similar to Section 8) But if/when they do not pay their portion of the rent, or more likely act up and violate the lease (having zero concept of US code and law, they will be near impossible to remove from your units.....

I understand the general concept of how it works, but not a lot of the intricacies.

I am new to the concept of bonus depreciation and trying to get a better understanding.