The CRP might be another option for some. My property consists of about 90 acres, about 50 of which is wooded or in ponds and about 40 was in pasture. When I purchased the property, it was in the Conservation Reserve Program (CRP). This program pays you annually to establish conservation practices on existing farmland. I think that my land qualified because the pasture portions had been previously farmed. I would think that a history of hay or cattle production would probably work as well. This program has worked great for me because the CRP provided cost-share assistance to establish wildlife-friendly cover (ladino clover, etc.) in a pasture that was largely fescue. Once planted, they then pay you annually on a per acre basis. I understand the rates may be changing based on soil type, but I currently receive about $80 per acre. There is some maintenance (mowing, strip discing, etc., based on your choices and plan), but there is cost-share assistance on that as well. In Missouri, you enter into a 10 year contract during which you agree to do the maintenance and they agree to pay you the rent. The net result is that I get a modest agricultural income from my land which allows me to deduct lots of items for tax purposes and I have a very large, wildlife-friendly "food plot" which furthers my goals for the property. Here is a link to the CRP website...
http://www.fsa.usda.gov/dafp/cepd/crp.htm
