I have changed my opinion on this in the last 10 years or so.  I see more and more advantages to not living on the center of operations. I chose the wording carefully. How many businesses have the owner living above or on the same property as the business?

Gramps built a barn and crib and tool shed and put up bins. Now we have an empty house that is in the middle of the farm operation.  I'm not that interested in moving into it and don't want to go in the rental business.  It's well over 100 years old, laid out odd by modern standards, and would need totally new plumbing, heating, windows, on walls settled a bit, and you know it has to have lead paint in it. 

Mom's house has a couple newer sheds, grain bins, house built in 1973, and when she is gone none of us will want to live there.  We have our own place totally separate from the farm. So does daughter and son in law. Rest of family (brothers and kids) have moved away.  So probably in the next 10 years or so we will end up with 2 farmsteads with unoccupied houses.

I can see advantages to living on the farm.  But I also think if you do you need to have a succession plan that involves moving away from the business.

I live 5 miles from the shop. If I go broke or quit farming or retire it won't affect the farm operation.  I won't be looking at it every day and the operator won't be driving around me in the driveway.