You current job is one you enjoy working for a large farm? You will probably be running newer equipment, enjoy a wider range of farming, and use more updated technology at that large farm than you will striking out on your own. Are your most important goals to be closer to family, to enjoy farm work, or to start your own business? To be profitable you may need to find a niche with little competition (do something other farmers don't do), start a side business or take a part-time job in the off-seasons.
How often will you need to drive between the two locations (three trips a week during the growing season)? Would you need to setup two households so you can stay several days in a row at one farm? If you quit your job, plan to have your wife work off-farm to bring in benefits like health insurance, life insurance, dental, eye glasses, paid vacation, maturnity leave, retirement plan and a steady income. Take a good look at all your expenses and pencil out how to meet farm expenses, pay off the farm and house mortgages, and still pay yourself a decent living for your family, even with one year out of four being a breakeven (zero income) year for the farm. Be realistic about row-crop yields, profits, and off-farm wages in the Northwoods. Consider your marketing strategy. Can you survive storing a crop for 6 months to sell at better market prices or will you need to sell at harvest regardless of price.
What are your long term prospects to do custom row-crop farming, custom haying, custom livestock farming, or manage farms for other people at each location? The benefits would be less risk, less capital investment and a steady income possibly with some paid benefits.
You might try taking your plans to an Ag lender at each location to find out what you need to get started, how well similar farms have done at each location, and the long term outlooks.
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Today's Featured Article - Women and Tractors - More Views From the Farmer's Wife - by Teri Burkholder. The top ten reasons why the judges wouldn't let you participate in the stock antique tractor pull: Hey, this is stock! It came with that V8 in it! That "R" on my tires stands for "really old" not radial! Blue gas? We thought it was a pretty color! What wire hooked to my throttle?
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