A 99yr renewable lease is just like buying land as you have complete use of the land and would only pay insurance and property taxes, or the same PI you would pay if you owned the land.
The renewal part of the lease means the lease will roll over into another 99yrs without any intervention of the intrested parties, ie; automatic. The lease just keeps renewing every 99yrs.
The lease can be passed onto heirs. Usually when the principle (the original owner) leasee dies, the estate trustee wants to pass on a deed to the lessor (you) to settle the estate.
From your questions asked, Tom has great ideas. Realestate is not the easist topic to understand.
The best books I found on the subject were supplied by the schools that deal in realestate exam preperation. I think the class and books cost me under $200 in the 70's and I dropped out of school the last 1hr of class as I didn't want a realestate license. I only wanted the knowledge. "They" (the people who know "good" answers) don't like it when someone just wants to pump them for info, so getting into some of the better classes is difficult.
Once you have a realestate license, the law assumes you know what your doing and are unforgiven when you make mistakes.
As a regular Joe then the law can bend in your direction as it's assumed you don't know what your doing.
Always remember the "Golden Rule", He who has the gold makes the rules!
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