Tip # 1: Buy a property with a good well. I LOVE MY WELL, it saves me so much that it is wonderful.
As you know we are having a drought in this part of the world, not good if you're in need hay or produce hay. I am not a fan of hay farming, frankly it seems way too uncertain but I'm chicken that way. I am however a HUGE fan of haying your own property and selling excess when it is profitable.
Thanks to the drought, those who have hay have a great opportunity to enter the cattle market if they want to. Cattle prices are crashing as finding affordable hay is almost impossible. Hay producers are estimating that they will only be able to have 1/3 of what they usually get. The prices are soaring as a result and people are getting desperate. People are getting very hot under the collar about the higher prices but consider even if they were to double the usual price for hay they will not make what they usually would. (If they are used to getting 3000 bales and selling for $1 they would have $3000 by the end of the season, this year they are getting 1000 bales being sold for $2, giving them $2000 by the end of the season. Believe me they aren't happy about this drought either.)
Anyway, the point is this is a perfect example of an area of diversity that each small farm needs to investigate to achieve sustainability. Even if all you are able to do is feed your own livestock you would be ahead of the game and be able to build up your beef breeding/butcher stock.