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Ne Nebraska | good advice above.
I'd want to buy the extra 15 cows and pay him pasture rent for them. Split the hay on shares. Split the rest of the cows 50/50 share. Mineral/vet split on his cows.
You replace the culls each year with your own replacements and in a few years he's out of cows and you have the herd completely and the ground under rent arrangement.
A thought, can you put some sort of rotational grazing system and stock pile some forage- then run more cows and forget the haying part? Then you simply pay rent for your owned cows which goes up each year and he gets more rent from the more intensive system. Don't know if that is feasible in your area or operation, just a thought..
Good luck and come back here when you have it hashed out and let us know how it wound up.
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