Making a high end property cash flow

[Laura M.]

Hi all!

I am looking at buying a high end property, but can't do it unless I can figure out how to get it to cash flow.  I want to buy it because it is an incredible deal on 1200 contiguous acres of mountain property, with unbelievable natural resources, that I would personally love to figure out how to own and hold for the duration.

I can get the property for somewhere in the neighborhood of $1.3M.  It has a big, gorgeous "main" house (4+ beds and 3 baths) on it that the owner built for probably about $2M. It also has a gorgeous efficiency apartment above a garage, and another 2bed house on it. All are remote, impeccable, very high end. I am uniquely suited to own the property and would dearly love to do so. (Which is to say that I have an emotional investment in trying to make this work, and am trying to be very clear headed about that fact.)

The houses could easily be used for vacation rentals, weddings, corporate retreats, yoga retreats, meditation retreats, etc. But it is far from the nearest urban area, and so I feel like feeling the vacancies-- especially in the first couple of years-- would be fairly difficult. I am trying to think out side the box about how I could utilize the amazing houses as a retreat center of some sort, and am struggling to figure out how I could systematize the rental of this "retreat facility" such that it could actually cash flow reliably.

The houses could easily make an wonderful B&B, but I have zero desire to run a B&B. 

The property is nicely located near a national park with few amenities and not enough campgrounds, but otherwise is a very remote location.  I have contemplated putting in a small RV park (40-ish spots), but am a bit wary of the massive amount of ongoing work to manage / maintain such a facility, which I would have to hire someone else to do. The campground could be fairly primitive, (which is customary around here in CO), and I expect that occupancy would be very high all summer due to the nearby national park, bike riders, baggers of 14 foot peaks, climbers, ice climbers, etc.

I could not possibly afford to own the property unless it could cash flow about $6-$7K per month after the first couple of years. I am looking to hold it for its appreciation, and to preserve an incredible piece of property, and I am looking for long term cash flow. The population of CO is exploding, and I don't know if I will ever get an opportunity to buy such an amazing property again.

Just wondering if anyone has any other ideas to throw around. Thanks!