Something you may want to look into is if the town has a co-op or rental place for some of the less needed items or farm equipment that you may only use a few times a year. My family has most of what they use throughout the year but there are some items that they don't use too often that they just rent or borrow from the local community. Getting to know your neighbors can be worth more than gold, in this case!
I would suggest seeing if there is a family farm that you can volunteer on during haying season, so you can see what is needed for that if you don't already have prior experience. It's a great way to get an idea of the work and all the equipment that is needed to do it.
My family has a rag tag group of farm equipment, my parents go to auctions and look for equipment sold on the side of the road. None of what they have is brand new, but of course they pay the price in repairs and such, and it would be a lot higher if they didn't know how to fix a lot of it themselves. There is a running joke in our family that we should own stock in the local farm mechanic's business because there is rarely a day in the year that we don't have some sort of equipment sitting on their lot.
My parents own 50 acres and, they only just started haying one field of it; they hay about another 140 acres of land around them, which is on lease or just a handshake. We have a heard of Devon Milking cows, 6 horses and a handful of adult Osabaw pigs, a few sheep and goats, and just around 100 chickens. The hay they produce is just enough to get them by through the winter with a little left over for spring. It is a lot of work!! I'm not saying you don't know what you are considering getting into, but it is worth saying a thousand times, it is a lot of work. lol