Leveraged people generally get in trouble because they either own properties that will not cash flow with leverage, which requires constant infusions of outside funds, or they have no liquidity and cannot absorb any hiccups in the system.  

We have a really cool market down here: a hodgepodge of college town, retirement community, a major military base and AirBnB-friendly tourist town with world class golfing and cycling, all with a healthy infusion of Mexican culture.

These properties look to be negative cash flow after accounting for the opportunity value of your cash infusion.

The bank takes a 2nd lien on the donor property and the "cash" from that lien is funneled into the new property to provide the equity infusion needed.  

I was just speaking with him and he also does sparkling strawberry lemonade, tropical iced tea and cucumber infused spring water.

Plus I like the fact that the base will be having an infusion of enlisted people over the next couple of years which leaves us with some real opportunity for good tenants.  

However, after I really thought about it a few weeks later and infused my thoughts with everything that I've read, heard and seen, a few days ago I came up with a simple marketing plan to get buyers and sellers. 

If landlord is renting a hard to fill space in a center then yes maybe back fill it with a weak tenant as it is not generating revenue anyways so just a bonus.Look at liquidity and net worth of tenant personally to be able to feed the business if it is not profitable or just slightly and needs capital infusions to stay afloat.

In this case, those elements appear to be exposure on the 3rd party debt and how the equity your friend infuses into the deal is treated.

I think selling out at this moment may not be the best idea until the school is at least done growing and as if right now I have no urgent need for a cash infusion.