I have looked into this...but from the point of view of the seller of management rights not the buyer.
We have a caravan park which is being transformed into a Over 50's retirement village. It will contain about 90 villas. If you bought the management rights off me for say $200K you would end up with about $100K in income. The business would still give me about $100K each year and I would still own the property...the banks will lend me $'s secured against the property and/or the business.
It is an extremely attractive option, from the owners point of view. As a buyer.... I think you'd have to be nuts to do it! All you are doing is buying yourself a job...you aren't buying an asset that you can borrow against...the banks won't lend you $'s for the purchase...it's just a job, that you have paid for.
This is probably a bit harsh, but that's what I reckon.
You can buy some management rights from me in about 24 months if you want