Rent is one line. The 2027 real estate budget also carries escalations, CAM true-ups, retention releases, equipment deposits, and a build that spends before it reimburses. Here is how I classify every dollar and lay it out by the month cash actually clears.

Your second build runs on the same scarce resources as your first live clinic: attention, clinical leadership, and cash. How to structure decision rights, the prototype, and the cash model so the ramp and the build stop competing.

The LOI says $340,000 in TI. The lease pages behind it decide whether you collect it. How the money moves — draw packages, deductions, amortized TI — and the five clauses to negotiate before you sign.