Or paying off my debt, while I provide them with a nice house to live in instead of an apartment. 

Theres one I think its by Brandon Turner that is called rent to retirement. when I was starting out I read one that was called one property a year that resonated with me.

What was the outcome?

Quote from @Adam King: Hi @Ila Darafshandar,@Dan H. has some great insights here, but I will add what I can!

Definitely something to clarify upfront...If you’re replacing with another restaurant, it should be an easier transition since the setup is already in place.Your biggest risk is vacancy $450K/year is solid, but if you ever need a new tenant,  ensuring the lease rate is sustainable is key! 

@Yoni Kaszynski, with a co-signer what I focus on is whether they are "collectible".

You don't want to distract the buyers from the house with too many items or stuff.

Please make sure you get a structural engineer to give you suggestions on what to do. 

What is the minimum amount of profitability acceptable at a $60 million loan volume4.

I'm sure some policies have all kinds of language in them, but if it guarantees me full replacement that is what I would expect otherwise my granite counters would be replaced with laminate and my tile and hardwood replaced with vinyl and the cheapest carpet.