Mine was an MBA, CPA, CFA, and holds multiple other profession accounting designations that are more sophisticated than a CPA.

However, this probably wouldn’t have worked because with super high franchise fees the perception of potential franchisees would have been that the fee structure was too uncompetitive, and the result would have been that McDonalds would have had slower growth, and their competitors faster growth.Two other positive results of the McDonalds real estate strategy was (1) franchisees are more locked in since McDonalds is also their landlord (2) McDonalds was able to bypass legislation aimed at franchisors being able sell product at high prices to franchisees and (3) McDonalds benefits from the long term appreciation of real estate prices and inflation.

Sydicators have popped up like weeds the past few years and not all of them are very sophisticated, some are downright malicious.

Note one of the syndications I am an LP uses this strategy and a very friendly local ADU law as their sophisticated value add.  

Over the years I've built up a decent list of syndication sponsors who will take capital from a sophisticated investor like myself, particularly via  506(b) raise.

Today, higher interest rates then what they were, conditioning people to feel they are high (yes, my words are exactly accurate, check the data, rates are NOT high today, it's a perception) swing wide a GREAT opportunity for buying on seller financing, and that's a form of private financing is it not?

From my experience a cap rate being used or not more comes down to the sophistication of the investor (seller and buyer).

In my area the margins on flips are shrinking but the volume of would be flippers is increasing, this is simply because the overly optimistic investor isn't requiring an appropriate risk premium, this drives out a lot of the "smart money" and pushes them into more sophisticated, complex, and less inundated areas of RE in which margins are still suitably fat.The last thing ill mention is that a lot of the high debt/leverage people are on this thread defending their positions.  

I believe sharing insights on these topics can help us all grow more sophisticated in our approaches.

Many investors' perceptions of the city wwere changed!