Some areas could support livestock, but it required such vast expanses of land for the cattle to graze on that individuals were not able to claim nearly enough land to make it viable. 

Building houses, barns, warehouses, simple shade shelters for livestock, etc etc was just part of growing up for me.

Nothing in the sales contract about livestock...What should I watch out for as a note holder?

Without those things it can’t really be good for livestock.

But you're total gain including depreciation recapture was $60K so you would end up having to pay the tax on all $60K - no benefit to the 1031.The other question you're hinting at is what if you bought a tract of agricultural or hunting/fishing land that you intended to use for productive use (wilderness activities, rental, agricultural, livestock etc etc). 

Just one of the herd, wanting to lift my head above the livestock and carve my own future.

The renters are renters, they have no desire to farm the land or raise any kind of live stock, they just wanted to be in the country and have their kids go to a good school system.

(There are some complicated rules surrounding this -- for example, livestock of opposite sex are not considered like kind property for the purpose of a 1031 exchange.) 3.

Think back to the recent drought, in 2011, and consider the losses of 5.6 million trees and $7.62 billion in crops/livestock.

Last time it was a sheep investment not the livestock but a gold-ish sheep statue covered in a few fragments mother of pearl and semi precious stones ... for 6k.