It effects every aspect of the property and performance- the type of loans and insurance you need will change if you don't hold the property in your personal name. 

In the Reno, NV market the single-family is out performing the multifamily because of the short supply and higher prices.

Morningstar apparently has a database of multifamily loans that are not performing.

Initial Investment Length of Investment (Years) Shares Class A Preferred Return % LP Profit Split Class A Waterfall (Y/N) Waterfall Details Reinvest Earnings Option (Y/N) Physical Real Estate or Note Only Refinance Projection (Year) K1 Loss (Y/N) Yearly Interest Earnings Performance Average Annual Return IRR Refinance Return of Initial Investment Year 1 Tax Loss Effect Net Return (by Year) Total Return on Initial Investment

Underwrite for the worst you'll accept and then perform to your best ability to maximize over time.

I agree with what others have said, but would also add that the SBA lenders I’m aware of would not have an issue with the business only (provided the business is performing well), although as you mentioned it is always more desirable to have the real estate involved.

Typically when getting checkbook control you will have a higher establishment fee but less ongoing fees and delays when having to go through the custodian each time you need to perform a transaction.  

I was informed they don't speak to borrows ( not a red flag yet), just thought maybe they didn't speak to me because they didn't want me to influence the  appraisal value of the property.  

I’ve been chatting with a fund manager about our performing notes.He asked a question I hadn’t heard before...Would we be willing to buy any loans back if the borrower goes 90 days delinquent?

Buy something in class B neighborhood or emerging class C neighborhood with higher cash upfront low leverage to ensure you have enough cashflow in worst case scenario and see how it performs.