Funny how things happen...

About a year ago, I had planned to phase out of rental properties. Hahaha. Then, the runaway housing market in Austing prompted me to sell the house on O'Dell that my mother had purchased thirty two years ago for Travis and Nathan to live in while they attended the University of Texas. After the boys graduated, I rented the house to college students and various folks. The market yielded about a sixfold profit. Thanks to the IRS program for a 1031 Like Kind Exchange, I could invest the money in another property and not have to pay Capital Gains Tax. The search was on for a replacement property. Thank goodness, a local realtor and I had been working together, as I had purchased four lots in the small, vintage gated community of Lakeside Beach. She located a 13.5 acre property just east of Llano, Texas. A gentleman had been building a fine horse facility there, but unfortunately, he passed away before it was complete. The land is hill country granite and granite gravel. There are oak and mesquite trees, native persimmons, and a myriad of cactus varieties. Three ponds are located to the north of the house. There is a high producing water well at the house, and another well that I am going to develop toward the north end of the property Excellent horse fence borders the property and separates the horse area from the house. The 1800 sq ft double wide mobile home, although a couple of decades old, has been very well maintained. Only minimal work will need to be done to have it in rentable condition. The kitchen counters have been re-tiled in a Texas theme. We are repainting the interior. A fire pit is already in place for evening cookouts or simply visiting around the fire. Other buildings on the property include: Insulated barn - 30' x 40' with personnel door and roll up shop door. Concrete floor. Living quarters in the back of the building. Equipment shed - 29' x 48' with four swinging doors. Two operated by solar powered openers. Dirt floor. Feed/tack room - 12' x 12' with personnel door. Concrete floor. Concrete floor wash rack (under the roof) for hosing your horse down after rides. Round pen for working horses. Run out pens. Three bay chicken coop or dog pen. Garden area behind the house. Was fenced to keep out native rabbits, but that fence is in disrepair, and the garden has gone back to prairie. I don't know yet if there is improved garden soil there. Because of the size of the property, the layout, and the buildings, this will be a multi-income stream opportunity. I am in the process of designing a tiny house to build near the second water well. A local mushroom grower plans to extend his production facility to the property and develop a small mulch production site for the spent substrate that is a natural part of the mushroom growing process. Think mushroom dirt from The Natural Gardener.