You mentioned there are multiple parcels, is this just a coincidence or historically are similar parcels available? 

So it serves multiple purposes and I would strongly encourage it

If you go in that direction, I highly recommend speaking with multiple franchisees from each brand before making a final decision.

We see so many prospects who have been told by Youtube or mastermind gurus that multiple LLCs in three different states is beneficial when in reality the costs of upkeep hit the bottom line harder than any benefit.

I've already had to turn multiple people away after running their credit reports, so I can already see that it's not going to be financially feasible for me to be covering the fees myself.

If you are talking about investments of multiple 6+ figures that will be tied up for years then you may want to have your own. 

Curious to hear the good, the bad and the ugly from multiple perspectives. 

The IRR will be around 19-20% with a 3X equity multiple and 14% CoC.

Common Reasons to Terminate a Contract by General ContractorNon-payment: If the owner fails to pay multiple milestone payments, then the general contractor can terminate the contract after giving notice.

Real estate's "gross rent multiplier" is Wall Street's "sales to revenue",  "cap rate" is roughly "P/E ratio".When evaluating markets and investments I tend to start with GRM (or lazily the 1% rule), then attempt to return a cap rate based on assumptions about costs, then I work my way to multiple years of projections (assumptions about inflation, amortization, tax benefits, etc), and if I am partnering with one of my smart friends I have to pull up an IRR (internal rate of return).I also look at regional employment levels, median income to rent ratio in the zip code etc.