Buying real estate without owning the land
I was wondering if anyone had an opinion on owning a property without owning the land. A little background:
The property is located on Cape Cod Massachusetts which is very busy in the summer. The property is a cottage. I am considering buying this cottage because the price is low and there is good rental income, plus when not being rented, I could use it as a vacation home.
The only thing that concerns me is the fact that the association owns the land and you pay association dues. What I need to find out is if it is like a condo where the land is actually owned by the owners of all the units (ie a 10 unit building each owner owns 1/10th of the property) or if it is like a mobile home park where the owners lease the land and have no land ownership rights.
I was wondering if anyone had any opinions or experience in this situation.