Don't think I'd sell- I think farm land is a better investment than whatever else you could do with the money. And as JDSeller said, the monetary system is going to blow up one fine day, and I think you'd be better off with tangible assets rather than $$$ invested when that happens.
But if you are going to sell, do it in 2012, because capital gains tax advantage will probably go away after the election.
It would be a good idea to split it now, though, especially if you're on better terms with your sister than you will be with her heirs after she passes (or vice versa). The problem with carrying the place on through the generations is two-fold- the longer it goes, the more owners there are, and the harder it will be to ever get a consensus on anything. When the house needs a new roof, you can bet somebody will object.
Get a trusted real estate person to give you a market analysis on the farmstead, and per-acre value on farmland and timberland. Then figure out a way to split it that will be equitable, maybe with some "boot" one way or the other, if that's necessary to equalize the values.
You could also sell just the timberland, if neither of you is interested in it and want to raise some cash.
I'm kind of a fan of selling on contract- but then, I'm a lawyer and the idea of forfeiting the contract doesn't scare me. You get better interest than you can any other way, and sure, bad things may happen, but more often, things go fine. Be sure a deed is escrowed somewhere, build sufficient safeguards into the contract, insist on insurance (including liability), and get enough down payment that buyer has skin in the game. Check on the property regularly to make sure he's not turning it into a meth lab.
Nobody ever went broke getting 20% down, and either collecting 5 or 6% interest, or getting the property back and reselling it.
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Today's Featured Article - What Oil Should I Use? - by Francis Robinson. I keep seein this question pop up over and over again in discussion groups all over the web. As with many things there are often several right answers and a few wrong ones. Some purist I'm sure will disagree to no end with what I will tell you but most of us out here in the real world don't really care do we ? Some of them only bring their noses down out of the air long enough to look down them anyway. If you are like me you are only doing this old tractor stuff because you enjoy it. You
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