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Sorry Chris, you're right, I didn't provide enough information.
Dad is in his early 60's, excellent health, should live well into his mid 80's.
He owns a house which I imagine he will spend the rest of his life in.
Monthly bills, including utilities, insurance, etc, are around $800.
After the mortgage from the ranch sale is paid off to him, he wishes to continue holding the extra land for the lease payments, which currently bring in around $7500 a year. He isn't the type to just sit around and retire, and will probably find a part-time job to keep him occupied.
Dad has enough money in the bank to pay for his living expenses for the next five years. So all the money generated from the mortgage payments will be available for investment (after taxes, of course).


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