Quoted from benheck:
Renting to one's self? Sounds like an excellent way to "disappear" money.... :0
I work in commercial property management and leasing (albeit in Australia) and this sort of thing is actually pretty commonplace. Most businesses use this structure to keep the legal and financial risks quite separate. If the lease is registered on the land title, then it also provides the flexibility to sell the land and building with the lease in place.