You haven't told us who your partners in this venture are. It's an inheritance? Or whether they want to hire a complete novice to farm a million dollars worth of land. With 20 thousand dollars worth of old junk machinery? I gather from your post that you are committed to do some "farming". Keep your day job. Split the difference. Rent 200 acres. Farm 100 for 3 years. see how well you do. Talk to your tax CPA on benefits of depreciating new farm equipment. WOuld you rather pay the IRS taxes on 100k sales of crop or deduct it all for equipment? Meanwhile start spending your nights reading the various state ag .EDU sites , watching RFDTV and hangin out at the truck stop where the real farmers go in the winter.
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Today's Featured Article - A Cautionary Tale - by Ian Minshull. In the early 1950s my father bought an Allis Chalmers B and I used it for all the row crop work with the mangolds and potatoes, rolling and the haymaking on our farm. The farm and the Allis were sold and I have spent a lifetime working on farms throughout the country. I promised myself that one day I would own an Allis. That time event
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