hau, Tony,
Ann brings up good points, as does Miles.
My wife and I are right now one year into building our
retirement homestead farm, we are just now able to see the day we will be living there full time, it is two months of work away (rains have slowed us down since December of 2014)
At the same time we started our journey (June first 2013), a friend of mine started the same journey, he has now abandoned the work, opting for a more normal, less time consuming modality of living.
What you are looking at here is Un-Developed Land, the one thing really going for it is there is water available if you are willing to pay for said water.
You will most likely find that having that water available is necessary in the beginning of this adventure.
Some things to contemplate: how are you going to move enough rocks for 1: a road into the property home site. 2: to build the home out of the rocks or as a foundation.
what types of structures are you wanting to build besides a house?
do you want to have a self sufficient homestead with gardens and animals for food supply? On grid, or Off grid?
Since I can guarantee that you will have injuries occur during the process, are you prepared to get healed up and continue?
along with getting injured, you will need a way to get help and so survive the injury. Spoken from
experience, many times.
While a big bank account is not necessary, being able to pay for expected and unexpected items is helpful to your sanity.
you will want to have a stash of cash for unexpected expenditures, they will happen more frequently than wanted, this is also guaranteed and spoken from experience.
While heavy equipment is always nice, we are getting our place done with none of the larger cool tools (
tractor, riding mower, backhoe, etc.)
we are working on our place on weekends, which involves work all week at job, pack up and leave
city Friday evening, bust butt until 3pm Sunday, pack up and head back to city for showers sleep and work week. Repeat every week, Vacation is working on the land.
If this sounds like your plan, Welcome to the most rewarding adventure ever! you will look forward to the work week so you can rest up for the next go round.
The property is very acceptable (I love it actually) for doing all of the above, especially in the permaculture methodology. It will however, take a lot of work, I mean a LOT of WORK.
Commitment is going to be key to achieving your goals, regardless of the location, some locals are just tougher than others.