Can someone explain why this sale-leaseback structure WOULDN'T work for most SMB deals? Seems too easy

Ok so I've been looking at SMB acquisitions for a while and stumbled into something that feels almost too good to be true, but the math actually works.

Basically, you find a business with real estate included (or owned separately by the seller). Pretty common in manufacturing, auto repair, flex industrial, etc.

Instead of buying the real estate WITH the business, you negotiate a sale-leaseback as part of the deal structure.

Here's what happens:

1. Find a real estate investor or sale leaseback firm (they exist) to buy the commercial property that comes with the deal, on the condition that they lease it back to you triple net for 20 years after.
2. You effectively bid down the purchase price of the business by the value of the property, and cash flow is only impacted marginally.
3. Good deal for you, the real estate investor, and the seller.

Let me give you a rough example:

Traditional deal:

* Business + RE purchase price: $1.5M
* SBA requires 10% down: $150k out of pocket

Sale-leaseback structure:

* Business only price: $900k
* RE stays with seller, you lease at $6k/month
* SBA loan: $810k (90%)
* Seller note: $90k (10%)
* Your equity: $0

The lease payment ($72k/year) replaces what would've been mortgage interest + property tax + maintenance anyway. And the seller gets passive rental income forever, which a lot of retiring boomers actually prefer.

The part that blows my mind is that if the cashflow supports the lease, you're basically arbitraging the equity requirement between asset classes. SBA won't finance real estate at the same leverage, but they'll finance the business - and the landlord (seller) is financing the real estate through the lease.

Am I missing something here? I know there's risk if the business fails you lose the lease, but that's true of any deal. And I know some sellers won't go for it. But for the ones who do... this seems like a legit no-money-down structure.

Anyone done this? Poke holes in it for me because it feels like a cheat code.