Also check out some property management sites like Horse and Chaise in Sarasota and Venice to see what homes are renting for!

Just looked at the photos and I would have a pretty long list of repairs, fix ups, concerns (pages and pages and pages).I love horse racing, but this one looks like a long shot for the novice, apprentice property jockey...I would think you have some stakes level tenant and property issues to handle right out of the gate (I can see potential mold, maybe lead paint, vinyl asbestos tile, habitability issues, lots of remodeling etc.)....

In fact our first deal was ALMOST a $22,000/m cashflow producing 13 acre horse stable, which we had a lot of confidence buying because horses, ranches and stables runs through Amanda's side of our family.  

So the journey begins.The end-goal (kinda): My wife and I want to purchase a 5 to 10 acre piece of land to do two things.  1. to run a ranch that rescues animals (dogs and horses mainly), and 2. to partner with orphanages and foster programs to bring kids to the ranch to connect with the animals.  

Hold your horses Joel, the "lease-option guys" aren't here yet!

I may be putting the cart before the horse but... can you pee qualify for cash out refinancing before you buy a property?

Id love to get the info straight from the horses mouth.

Since I don't have a need to drive to the barn anymore (and the new neighbor's own no horses) access is no longer an issue.

We could say all kinds of things about how he could have avoided it, but any advice in that regard is like closing the barn door after the horses are gone.I suppose he could fix it up and just live with very low returns (probably not too much better than with a bank CD but with a ton more risk), or try to sell it now and just cut his losses and move on, hoping to do better next time and make his money back on the next deal.  

That is putting the cart before the horse.