Posted by JDNewbie on May 17, 2015 at 11:08:45 from (24.255.197.99):
Thanks in advance for any advice and wisdom from those who know more about this.
My MIL has about 20 acres of land in NE KS that has not been in use since my FIL's passing about 20 years ago. The fences are in disrepair and red cedars have taken over a good portion of the pasture. There are also some issues with poison ivy in one corner of the property and the rural water was turned off years ago due to a leak in the line (no water well or electricity either). Many years ago, they did have a few cows they kept on the property.
A neighbor stopped by to visit with her about grazing their sheep on her land. They have about 100 head they would like to graze during the months of June, July and August. They said something to her about grazing 1/2 acre at a time? They are willing to haul water and bring their own fence. They haven't offered a dollar amount per acre for rental because they haven't researched the issue enough to know what would be a "fair" offer. They wanted to know if she was even interested before they went any further.
My MIL has been concerned for years with the disrepair of the property. She does not live on the property and does not want to sell it. It holds some sentimental value to her as they were going to build a home out there at some point, but my FIL's passing put a halt on those plans. Much of this time, my wife and I have lived 12 hours away, and even though we only live 2 hours away right now, beyond some driveway mowing and checking in on the place from time to time, I haven't been able to help much keeping the place up (especially with a new baby last year!). We have had some trouble with scumbags breaking into the building that is on the property.
My MIL is interested in having someone around the property more often and likes the idea of renting it out. At this point, she isn't looking to "make money" out of the deal, but would really like the peace of mind knowing it is being looked after and used.
Since she and I have never really done this before (and I am not really involved in the deal except she is asking for my help), I am turning to those of you who have for advice.
We have already discussed issues such as overgrazing, and liability, but would like some advice.
-As a "landlord", what concerns should she have?
-Tax implications/complications?
-Any special concerns with sheep?
-How do we ensure the land isn't over grazed?
-As she is not really looking to make "money" on this deal right now, would it be unreasonable to trade property improvements (removal of cedar trees, fixing fence) for use of the land (she doesn't want to insult the guy)?
-In general, is it possible for this to be a scenario where the "tenant" and the "landlord" could both benefit?
-What would you expect in a deal like this as a tenant? As a landlord?
Thanks folks!
This post was edited by JDNewbie at 11:10:05 05/17/15.
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