From what I hear, landlords are held to a higher standard since we are assumed to be more sophisticated.

I would keep it simple and not over-sophisticate things Alan F.!

You need a sophisticated Operating Agreement.

But for some reason I feel really uncomfortable getting out of my comfort zone going to a very sophisticated market such as Tampa Bay.  

You could have three parts, one for the real estate, one for the business operation and another part to payoff machinery or inventory.

so much of this kind of work is establishing some sort of personal reparte'I will be curious to see how well US folks respond to you... just logistically our night is your day etc.and it will really depend on the sophistication of the sellers rep or relative.I know these styles of transactions we personally do here in our market need a bunch of hand holding and porch time... at least for the very good deals.. 

As a wholesaler, it's highly unlikely that your seller is going to be a sophisticated operator. 

It does suggest a higher level of sophistication, so if you are trying to get wholesale deals it may be a little harder.

As a result you can make the IRR say pretty much anything you like by changing some assumptions.Since your investor sounds like a financially sophisticated person, a way to impress him or her might be to run a "sensitivity table" that shows various IRRs depending on the inputs.

I would keep it simple and avoid these highly sophisticated, high hassle-factor (managing 'partners'), high transaction cost at high tax-rate ventures.