Land Leases & Condos

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Hi All,

Just did a walk through of a condo that is located on a land lease set to expire in 35 years. Additionally, I learned that 90% of condo owners, in this building, actually are renting out their units. It is a Class B asset in a Class A neighborhood and if underwritten conservatively throws off 9% Cash on Cash return. 

Curious if anyone on the forums has dealt with buying a condo unit in a building that sits on a ground lease? Additionally, I would love advice about what to watch out for when dealing with the HOA.

Thanks for your advice it is very much appreciated!