What do you do if your house burns down or is destroyed in a storm, and you can't produce the deed? 

Despite that, it didn't produce much income and they abandoned the idea.

Hello members, I am a first time investor recently moved back to Michigan, my focus was primary residents and after moving back, I had to rent my previous house out in New York which is producing some good income.

Information and exposure has been increased radically in the last 10 years, and hence those killer deals don’t seem to be there anymore.Fortunately for me, I had the good fortune to know and learn from the (imo) absolutely most knowledgeable, innovative, and talented note investor teacher back 40 some odd years ago.  

We are considering purchasing an income making property and business combined, 10 acres 3300 sq ft home and barn. Venue is rented out for mostly weddings. Current revenue last 3 years (as worked part time) is 75-95k a...

 - your market has produced one of the best residential returns in the nation for this century

In general, it is preferable to reduce or eliminate debt that is not producing cashflow before investing so your personal balance sheet shows more assets than liabilities.It sounds like you are in a great position being a year away from paying off your vehicle and student loans.

However particularly for high revenue or six figure producing properties, operators can theoretically employ a full time and designated manger for a lower total cost. 

In that way, it's much more cost-effective and produces strong results. 

To start, I'd do a Discounted cash flow analysis and cap it like a regular income producing rental....do you know the rent the tenants were paying in the two sales you showed?