Stabilized Commercial Real Estate & Master Lease Purchase Agreements

I’ve been structuring acquisitions around stabilized, high-occupancy commercial retail where the emphasis is on durable NOI and clean execution rather than heavy value-add. In a few current situations, the structure is intentionally simple: early equity aligned at acquisition, with the only ongoing obligation being payments to the seller under a master lease / purchase framework — no senior bank or institutional debt during the initial hold. What I’ve found interesting is how this type of setup changes the risk profile for early capital when the asset is already cash flowing and leverage is kept intentionally light. Curious how others who allocate into commercial real estate think about early-stage capital in these kinds of structures — particularly when the focus is predictability, control, and execution rather than financial engineering. Always interested in learning how experienced investors approach these situations.