This version of Railroad Bill for finger style guitar is based on a recording by The Highwaymen. They played this in the key of F. To get there on guitar you'd play with "C shapes" and capo at the 5th fret. If you are just playing to learn the tune and enjoy it by yourself a capo is not necessary.
Check out the licks to find some alternate fingerings. These show you some alternate picking hand patterns and fret hand fingerings which may give you some new perspective and there is a few variations as well.
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