Anyone have success buying horse farms?

[Link Moser]

I've been told there is no money in boarding horses more than once. Yet, each horse owner that boards pays anywhere from $500 - $1,000/month to these farms and many have wait lists. Addition revenue comes from lessons, events, training, buying and selling horses. If the horse farm has a residence, that can be rented either long term or short term. I live next to a small equestrian facility that does just that. The house is rented as a STR on AirBNB for $600+/night and is totally separate of the horse farm part. However, guests certainly can pay for a horseback ride if they so choose. The farm side is managed by an onsite barn manager who also instructs and does lessons. Many of these properties have large acreage and I bet could even lend themselves to hosting weddings and other events.

I've seen others post on this topic here over the years but I'm curious if anyone who is NOT directly from the horse world has been able to make a farm property cash flow positive.