Sounds like the correct plan.

@IRonMaN  I've been trying to call you about the aluminum cans.   Someone named Jenny keeps answering the phone.  

Since land can not be depreciated, is there any asset to setup for the Sch F?

There's  no step up in a purchase. Basis = cost.

You are correct land cannot be depreciated.

What about on the rental home on the Ranch. Should I calculate cost of house by sq footage and depreciate rental home?

@dkh - she gets a cut of my can business so please leave a message.  

It it is all rental use, you don't need to do any square footage calculations.  If you don't have it already, you do need to breakout the cost of the house from the cost of the land.

Sorry, I just laughed at your post. Everytime I order wings thy ask ranch or blue cheese. So my answer is blue cheese.........