Posted by wisbaker on April 10, 2014 at 18:15:04 from (173.30.33.15):
In Reply to: BTO question posted by Kyle in Ky on April 09, 2014 at 19:56:34:
Easiest and fairest way would be to cash rent to the brother who is farming it unless he wants out. I think I understand there are 4 owners, the farming brother should pay each of the owners 1/4 of the cash rent, of course he wouldn't pay himself, all owners remit to the farming brother as the manager of the estate money for taxes and insurance. All owners should get together and discuss the expectations of any renter and hold the brother to it (maintenance, fertilizer, erosion control, cropping practices and rotation). This is not meant to put the farming brother on a short leash but to establish what the other owners expect and put them on a leash. The goal is to set expectations that all owners hold each other to and to stop owners who may be far away from sticking their noses into something they shouldn't. The one who is farming may be at more risk but should get two rewards, if he does well he will make more AND he has some protection from siblings making his business life more difficult than it should be. If /when the brother wants out all the owners have established business procedures to rent the land. This makes the assumption the farming brother already owns the equipment also giving him the freedom to take on other land or upgrade equipment without his sibling's input.
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