Leasehold properties?

[David Tankersley]

Hello all, 

I am an investor in Californiaa  who has been working on what looked like a good deal on a piece of vacant lake-front land in a residential area of Fort Worth, TX. for awhile now.

The opportunity is that I can get this for a very good price and re-sell myself at a very good profit. However, a major hurdle was recently uncovered in that this property has back payments owed on a leasehold agreement ($7200). The deal is seemingly good enough that I am almost willing to just pay it and move-on. In looking at this agreement and looking-up just what a leasehold agreement is, I am now very weary of moving forward as the way I read this is that I do not own the property at all. 

My ultimate question is, this property was valued in a BPO and corroborated by two other brokers at $80k. Now knowing that this property is under a leasehold agreement how does this effect the value of the property? I frankly would not want to pay $80k to pay small lease payments on a property that I don't fully own, so why would anyone else want to?