NNN & Net Lease Investing
The MaxLife Development specialty — passive income from credit tenants
Triple-net leased properties are the closest thing CRE offers to bonds: long-term, credit-tenant leases with the tenant paying taxes, insurance, and maintenance. This course covers the full NNN playbook — from tenant credit analysis and lease structure to 1031-exchange-ready underwriting — drawing on MaxLife's live deal flow.
Download the NNN & Net Lease Investing Workbook
Printable PDF with exercises, worksheets, and fill-in notes designed to go alongside every lesson in this course.
What you'll learn
- Understand NNN, NN, and absolute NNN lease structures and who pays what
- Analyze tenant credit for investment-grade and non-rated tenants
- Underwrite a NNN deal including primary term, options, and rent escalations
- Identify the best NNN tenants for Florida markets
- Use NNN properties as 1031-exchange destinations for passive income
Lessons
- 01
What is NNN? The Lease Spectrum from Gross to Absolute Net
Understanding the spectrum of commercial leases — gross, modified gross, single net, double net, triple net, and absolute net — and what each means for who pays for what.
11 min - 02
Reading a NNN Lease — The Clauses That Matter
How to read a triple-net lease — the term length, rent escalations, options, expense responsibility, and the specific clauses that determine how passive your investment really is.
12 min - 03
Tenant Credit Analysis — Investment Grade and Beyond
How to analyze the credit of a NNN tenant — investment grade ratings, private company analysis, franchise vs corporate, and the credit signals that drive cap rates.
11 min - 04
Cap Rates and Pricing NNN Deals
How NNN cap rates are set, the factors that drive premiums and discounts, and how to actually price a NNN deal — including the math, the comps, and the negotiation strategy.
12 min - 05
The Best NNN Tenants and Brands for Income Investors
A practical guide to the best NNN tenants — drug stores, dollar stores, QSR, auto parts, convenience, and why each works (or doesn't) for Florida investors.
12 min - 06
Sourcing NNN Deals — Where the Inventory Comes From
How to source NNN deals — specialty brokerages, marketplaces, off-market relationships, and the tactics that find better deals than the public listings.
11 min - 07
NNN as a 1031 Exchange Destination
Why NNN is the most popular 1031 exchange landing spot — how the 1031 timeline works, identification rules, DST backups, and Florida's role as a major destination state.
12 min
Up next — Course 14
Multifamily Investing
From duplexes to 200-unit value-add deals