I bought a 54-acre ranch to teach my kids self-reliance. Then I lost millions overnight and learned another lesson.

Brent Phillips bought a ranch for his family and ended up a short-term rental owner. Milk & Honey Ranch

Brent Phillips transformed his Texas ranch into a rental to support his family financially.

He first rented out space above his garage to help pay his bills and expenses.

Phillips' 54-acre ranch now has 40 units and can fit 150 guests.

This as-told-to essay is based on a conversation with Brent Phillips, 47, a software engineer who started renting out units on his guest ranch in Burton, Texas, to help pay bills.…