I'm not really concerned about realism. If you want to colonize North America as the Mameluks, go right ahead. Play however you see fit during your reigns, whether it be roleplaying, historical, pure fun, randomness, or whatever else you want. The only rules I would put down would be to not intentionally sabotage the game for other people, and no reloading unless you actually mis-click something important (like a peace treaty or major stability hit event or something). If you lose a major battle due to not paying attention, deal with it and move on, it makes the game interesting. Barring that, run the faction as you want to while it is yours. The objective is just to see how a faction develops when it doesn't have some overarching mastermind plan behind it. That will also likely make it more interesting for the individual players, as we'll find ourselves in situations we never would if we had been playing the whole thing ourselves.
No need to stay in a monarchy. The republics have leaders as well, and they can sometimes stick around longer than monarchs, depending on the circumstances. I would say though that if your monarch/leader/whatever dies less than one year after you start playing, you can play the successor as well. A regency would be treated like a normal reign, so it goes to a different person who plays the regency and hands it off when the heir comes of age (unless that is less than one year).
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