We bought our acreage 2 years ago and built a 12 stall barn, indoor arena, round pen, not to mention we had to do all the fencing, water hydrants, electrical etc... I believe we are $150,000+ in construction alone, not including the purchase price of the property and we aren't even close to being done. We also had to buy a tractor w/attachments, hay baling equipment, lawn mower and a dump truck. Also don't forget the smaller stuff that adds up; buckets, feeders, hoses, gates, light bulbs, grain bins etc...
We have only been open a year and the income from the property makes our mortage and construction loan payments now, but that first year there was no income from the property. Our regular income from our jobs paid for everything the first year.
Get an approval for your loans ahead of time, and write a business proposal for your lender. No one will lend you money if you don't have a solid plan. You also need to find a lawyer to overlook your contracts and policies to make sure you are covered. Contact an insurance agency to find out what type of coverage you will need and the cost.
You can not do this alone, you will have to hire someone to step in when your gone, sick, injured, and overwhelmed. It will happen. It is a 24/7 responsiblity you have to take seriously.
Good luck on your venture, just please do your homework before starting anything.