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Kansas | Had a little experience with something like this before. Some things to consider:
Regardless of your relationship with other sibling, there may be other heirs involved at some point who may or may not see eye to eye with you.
A legal partition through the courts can get expensive and take years to settle. Lots of $$$ for attorneys.
Other owner or heirs may wish to sale to someone else. This will not end well.
What if other owner or heirs wish to rent to someone else? This will end even worse. Get something in writing from other owner that you also have first right of refusal on renting ground as long as you are an owner. Heirs may think another farmer will offer to pay a lot more rent. What if someone else will?
Even with a first right of refusal, the other owner may "find" someone to pay 10-20% more than appraised value. Are you still a buyer?
If it has to go to auction at some point down the road once you own half interest, you will pay half of the auctioneers fees. You may get a deal on the other half. Or the timing may not be right and you can not afford to out bid neighbor who also would love to own parcel. You may not only lose land and improvements you have made, but owe capital gains taxes to boot.
My reply is not to discourage you. It can work out quite well. My situation turned out very positive in the end, but it was a big mess for a while.
Shoot me am email if you have any questions.
Edited by tornado2 11/30/2015 14:22
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What is an undivided half interest worth?
