Avoiding 1031 deferred taxes with a land-lease condo?

[Mike Warder]

If I 1031 exchanged into a condo on a land-leased property, once the property reverts to the land owner would I have to pay any deferred taxes on the relinquished property sale? Since there would be no sale of the replacement property and no appreciation, i'm curious if I'd still have to pay those deferred taxes from the sale of the relinquished property. Is this another option, besides death, to avoid those taxes? 

Cash flow on the replacement property would be great. I would have to weigh the benefits of great cash flow over the years versus zero appreciation (in fact, 100% depreciation!). But, the condo is in a great location, rental inflation could increase cash flow over years, the condo is much cheaper than other nearby condos because of the land-lease. Given that in 5 years nobody could secure a 30 year mortgage on the place I'll also be out of exit strategies. I'm not sure I'd be comfortable doing it, but I'm just trying to think through different options with my 1031 exchange. 

Thanks in advance for any insights!