Re: buying land to cash rent out (what do I need to know)
THere is lots of questions to be ask in you question.
What is teh land being rented for as to use, livestock or crops?
What rights do you retain as land owner?
What all is in the rental agreement as to what rights renter has?
And many more.
Here in KY when we rent or lease a farm we spell out the exact rights as to owner retains and renter/leasee has. An example is 186 acres beside me rents for $5000 a year + it has to be mowed each year (bush hogged). The renter has the right to crop it as they see fit or run/feed livestock on it. IF cropped then when renter ends lease and no longer wants to rent it, they must plant the crop land they cropped back into what ever the owner and they agree on. Renter has the right to fix any and all fence as well as build new fence BUT owner has the right to also build new fence as they see fit to "enhance or increase value" of the property BUT in doing so cannot take away the right of the renter to use of the land. Then there is general upkeep. Renter must make sure the land it always in a state of upkeep so as to not decrease the value. Bascially that means no dumping of trash, no logging, or other things that can decrease current value. Also there can be different prices of rent depending on use. If livestock, then a per head lease can be done or a lump ssum lease. As to crops it can be a lump sum per acre or a percentage of profit from the crop/s.
I lease out the crop land on one farm and the man who leases it raises soybeans. He pays me a set fee per acre and once he decides to not renew or I decide to not renew, he has to sow the ground down in a forage crop (clover and/or other forage crops), he has no hunting rights, he has no rights to any ground other than the crop land (we are good friends and he bush hogs the rest for me as a favor), and he cannot tell others to use the land other than the acres he leases. He can sub-lease the crop land with my permission.
So not to avoid answering your question, there are many varibles as to a rental/lease agreement that you need to decide on and in part is decided on what the renter plans to do with the land. There is no one fits all rental/lease agreement or at least here in my area. n I know that $175 per acre here would be avery high price to rent/leqase a farm but that is here. Other areas of the US I know do draw higher price as to rent/leases.
Sorry I can be of no more help.
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