It's up to you and what you want to do? How much equity do you have in your current home? What's the real estate market like in your area, or how hard will it be to get your money out of the current home? You say the tillable ground is rented, for how much (cash flow is cash flow it could help cover the debt or your property taxes) Wooded land? what's the market for timber in your area, do you have marketable timber.
I guess what I'm saying is don't look only at the debt but look at revenue the farm could or would throw. Heck were I live in Iowa if your folks still had the 200 acres they'd probably be able rent it for close to $60,000 a year
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Today's Featured Article - Restoration Story: Fordson Major - by Anthony West. George bought his Fordson Major from a an implement sale about 18 years ago for £200.00 (UK). There is no known history regarding its origins or what service it had done, but the following work was undertaken alone to bring it up to show standard. From the engine number, it was found that this Major was produced late 1946. It was almost complete but had various parts that would definitely need replacing.
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