We had a dairy farm and about 350 acres total (2/3 tillable). We did hay, corn, and grain. For the last 10 years we used 2 ~60-70HP tractors (684 and 685) for most of the work - planting, spraying, fertilizing, all the hay, and general use. One had 4WD and a loader, the other was a straight 2WD (the one that we use mainly for everything). Easy to fix, cheap on fuel, low soil compaction, cheaper to buy, etc. but, probably a little slower to get everything done because of their/the machinery size (we had a 4 row John Deer 7000 (I think) corn planter. We also had a 90HP 2WD 3288 that did all the disking (20FT International - duals helped a lot here), plowing (4X16" furrow), cutting corn, etc. Great field tractor, lots of power, still not to bad for soil compaction. Only problem was the 3288 should have been a 4WD especially for plowing in the fall (we were on mainly clay), for getting into certain fields in the spring a little sooner, and for cutting corn. A couple of tractors like this would do you great and still not be too costly - maybe go a little bigger (100-125HP) on the bigger tractor and the machinery you pull with it.
We also had an 815 Combine to do our own grain but if I were you, I'd hire somebody to do that and the spraying at least for the first couple of years (you'll have enough other headaches I'm sure).
Any machinery/tractors come with the farm if you take it over?
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