Need some Help on Properties on LEASED LAND~ Benefits? Downfalls?

[J P.]

Hello~ I am in the market for a home in Orange County California and have seen some decent deals on some town homes and Condos but most are on Leased Land~ I was wondering what some of the benefits and downfalls there are on leased land properties? Are leased Land properties taxed the same way in the State of California? Also what happens at the end of lease on the land? Any information would be GREATLY appreciated! Thank u!