One thing to think about is getting into an income tax problem when you have pure income with fewer deductions. It's akin to a farmer retiring and having the crops from the last year for income but no farm expenses next year to offset the income. Will the FSA cost share the seeding expenses? Some of the less common plants they want you to seed are expensive. You might have to do soil tests or show them recent soil tests. They want to be sure the fertility and PH in your soil will be adequate. I had some problems with high PH in some soil I wanted to put into CRP for a windbreak. The PH was 7.8 and they told me some of the tree varieties I wanted to plant would not work there. After the ten year contract is up what do you plan to do? If you decide to farm it again will some of that vegetation turn into hard to control weeds? Just rambling with a few questions you might want to ask them.
That said, if you can work it out, go for it. It's like retirement income from your farm. You don't have to negotiate rent every year either.
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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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