Buyers not only need to understand the extent of their water rights but also get a handle on historic flows at their portion of the stream or river. Because land rights and mineral rights often don’t go hand-in-hand, it’s important to understand what lies beneath. A well-run ranch should generate enough income to more than cover the cost of management, says U.S. Trust’s Taylor. But if you’re willing to share, fishing and hunting leases can provide additional ranch income. Even so, when clients express interest in buying a ranch, Taylor starts the conversation by trying to talk them out of it.