Farmland is one of the few paying investments right now, not sure where you would go with your money?
If at all on good terms, can you buy out your sister and have it whole? I'd sure work hard for this outcome.
Otherwise, an appraiser both of you like, to value the different componants of the farm and apply a value to each; then try to divid equally. But, in 10 years the land might drop, the building site might raise in value, and leave hard feelings at that time - it's a tough one.
Agree with your guy, those undivided 1/2 intrests blow up on people more often than not, best to clear them up if you can, they get ugly so very often.... Get out of that. Inlaws, health care costs, children and neices/nephews and their spouses all make an undivided intrest a real nightmare for long-term, you do want out of that.
The 1033 exchanges are _very_ difficult to do with extreme red tape - you need an experienced peron handling that for you, not just anyone. You can't pre-arrange things, but you only have a short time to do the exchange, and it's just a paperwork nightmare. Don't do or sign anything until you have a plan in place with a legal firm that has done many of thos things. Seriously.
Contract sales get you the interest income too; but if they default you get a lot of loose ends to clear up to get the property back. If they trash the buildings or mine the farmland alnog the way, you get to keep both their payments and the land, but could be poorer at that time so it's not all gravy.
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