A friend of mine gave me a consulting assignment. He owns a restaurant and asked me to review an appraisal for insurance purposes. I have run the Cost Approach and Sales Comparison Approach, but am having some trouble with the Income Approach. The subject is owner occupied, although he pays the partnership (his family) rent. The rent he pays is not useful for obvious reasons (it's about twice the going rate). Is applying market rent a legitimate method with owner occupied property or should I use his actual income and expenses? How can I accurately apply the Income Approach?