Just a thought, I don't invest in this market so I have no horse in this race. 

We're looking at places with land and barns and horse stables.

If you put the cart before the horse its becomes a future road block.

Best advice would be to just hear it straight from the horses mouth… call a few local appraisers and ask them.

Funny how the askers of LLC or not don't say what they're buying... they also get the cart far before the horse . 

I've owned car washes, laundry mats, restaurants, horse partnerships... you name it.

Now you have to ask yourself, your business ethics, horse trading, or Caveat emptor position.Sales Adjustments or write offs-  if you have receivables, clean them up the year before and don't clean them up during the year of your cap rate calc.Utilities- adjust them down if possible. 

I know someone that did do a conversion from a tack room (horse property) to a rental, I believe short term.

I have a friend who inherited a couple of properties in Lucerne Valley so I have this info from the horse's mouth. lol 

In addition to that, if you aren't even pre-approved yet it sounds like the cart is a little bit in front of the horse here.