I am not very familiar. several thousand acre cattle ranch at todays dollars depending on location will be in the multi millions..

If you choose not to rebuild/replace your settlement would usually be for actual cash value.It's unlikely you can get a settlement for above the coverage amount you paid for.

Whether you should take a retirement distribution or not depends on several factors1) How much do you value the freedom/flexibility to ues the money NOW compared to when you are 60 years old.2) What type of return can you get having cash vs investing in an IRA / SDIRA.If you can make a 1% - 2% better annual return in your personal name, it may make sense as the added return will pay for the penalties over a couple of years.I personally cashed out of my retirement account back in 2016 and it was the best decision I made.

Great idea(s) depending on your market. 

@Tatum Littleton, I appreciate your welcome and reassurance that we are choosing a good starting place. 

AND, your son will be at the mercy of the SELLER and dependent on the SELLER's good choices for the life of the loan.

A contractor can help with this or realtor who has done this3. depending on what side of highway 35 this is on is going to be a huge deal4.

Small towns can be lucrative depending on the unemployment level, population trends and safety.

Although not everyone, they pick and choose who they charge what to.

If you don’t owe then, everything is profit without paying overhead depending on the structure of your lease.