I’ve tried doing this for other businesses before such as flipping cars, and a photography/videography business I started mainly in the real estate industry.

It will only make sense if this opportunity fits your investing criteria which support your goals, which funnels up to your purpose.

If he's looking to do a 1031 its most likely for tax purposes.

Is a legal document required for tax purposes?

The ultimate goal of this farm will be to sell the hemp, mainly for CBD oil. 

No original thought here, but I believe strongly that the single biggest reason for failure or lack of action is a disconnect with their purpose- their “why?”

Jonny Morris Unheard of...If he was running it to the main sewer connection sometimes the town/city has to do that.

Purposefully diluting annual returns is absolutely not the way to establish a long term relationship.

Hello BP,I have made the decision that I want to take action and start RE investing for a number of reasons but the main one being able to spend more time with my family.

A property has a lien on it currently , but will be ". gone " from the property in a few months ( the line's 10 year probate period Will be up in a few months )The property needs $20,000 in repairs ( materials only )I currently have a FHA loan on a propertyThe ARV on this investment property will be $130,000My all-in cost for the property will be around $80,000My main questions please are:1. will i be able to get a 2nd FHA loan if I make this my primary residence vs an Investment Property ?