I’d avoid it like a virulent case of Ebola. (JMHO)
The land owner basically has the HOA by the yarbles. If you do buy it and plan to rent it out, make sure that your return is such that it’s worth it if the property becomes worthless in 2027.
Also, check what’s the mortgage situation on a land-leased building. Banks often don’t look favorably upon this type of situation.
