Tis a great idea, however, do yourself a favor first, well unless you already have one, build a barn. There will be times that the animals will sense incoming storms etc as well as external dangers and will need a place to go. Cows, chickens, any livestock will naturally go where they feel safe.

A neighboring farm or like-minded household is just as important. Breeding as well as socializing the animals creates a better natural Harmony, as you may know. Sometimes keeping a bull along with heifers can be a trial of will, however a complimentary neighboring homestead is the easiest way around those headaches.

Oh, and yes, DO IT!! If you are allowed to by the local laws etc then get it done! Don't forget to setup a net of cameras that will still run on a battery bank of power goes poof. Outside of natural predators, Humans are the most dangerous. Also, get a Donkey of you don't have one. They are the bulldogs of the farm when it comes to outside predators. Don't forget, you will have the worlds best fertilizer for your soil, so your gardens will be the best!!

Godspeed!!

I would recommend getting a couple of ducks or chickens for laying eggs as well.