So my parents own a 400 acre farm in the South that they grew up near. Been in our family for 150 years. They recently moved back after 40 years of big city/suburban living. They have several local people that farm parts of the land (peanuts, soybeans, hay, watermelons). They've got about 100 cows. They've got a couple of fishing ponds. My Dad doesn't hunt anymore, but there's tons of deer, turkey, etc that he loves to watch. They built a gorgeous house with about 4500 sq ft and windows everywhere.
The good: They really enjoy the farm. It keeps them busy and active. My Dad is always working the finances. My Mom stays ridiculously busy with the house, yard, taking care of fences, etc. I love that they keep active and healthy. Because it's all paid off, they can use their money to travel to visit cool places (recently Portugal, Spain, Ireland, Hawaii, San Fran). We get to go visit the farm for 3-5 days at a time - plenty to get away but too much time there would put me to zzz.
The bad: They are miles from other people and miles from bad hospitals. Good hospitals are 2 hours away. Doctors are a 30 minute drive. And the people in the deep south are good people at heart, but they are not very well educated. They are surrounded by people with don't have many world experiences. The help they need (vets, carpenters, painters) to upkeep the place doesn't exist. The people that work hard and have skills (typically from Mexico and other countries) can get more jobs 45 mins away, so they won't come out that far. And the people that live near them are so lazy and incompetent (think trailer trash) that they essentially have no help running the place.
The pitfalls are pretty simple. You can't neglect anything or stuff falls apart. Whether it's the animals, or the fields, or the house, or the pond, or the fences, or the fishing gear, or the well, or the guns, etc, etc, etc, You have to constantly tend to everything because nature and the elements eat away at things more than city slickers can ever imagine. Multiply the work you do around your house by 100 and that's what running a farm is.
Best of luck! I'm sure it will be a cool experience.