Help with an investment in Marquette County, WI.

[Dave Wacholtz]

I bought a property in September of 2022 which consists of a 1,450 sq ft 2 story  home. The home is a unique "barn style" with beautiful hardwood floors and stairs. The property has 2 parcels with the house sitting on a 28 acre parcel and a 32 acre vacant adjoining parcel with it's own easement to it. There is a natural pond on the 32 acre parcel and the land has a mix of marsh, hillsides, forest land with high ridges, and about 10-12 acres which could be tillable. 

When I bought the home, the tenant was paying $450/month rent as the tenants husband rented it for 32 years and took care of the property like it was his own. The owner lived about 1,000 miles away and appreciated how the tenant cared for the property. The tenant was my Dad and the owner was my wife's great uncle. My Dad died in May of 2022 leaving my Dad's wife, my step mother now as a tenant. Her daughter and son in law moved in after my Dad died. I struck a deal with the owner and bought it in September of 2022. 

I raised rent to $750 at my lease inception with my step mother. It should be in the $1,500-$2,000 range. I am now at $900 and I have a negative cash flow of around $1,100/month but my equity in the property is about $350,000. 

I am in search of methods to eliminate this negative cash flow. I have considered building a secluded cabin in the woods and air-bnb'ing it, planting chestnuts on the tillable as a future cash crop, placing a high end park model in the woods and str'ing it, etc. 

Any suggestions? The property is about 40 minutes from Wisconsin Dells which is a major tourist draw in the summer.

I appreciate any suggestions or thoughts,

Best Regards,

Dave