I don't want to disagree with you guys, but he's wanting to get started with just the necessary stuff, and I don't want to scare him away:
He could get everything he needs in decent shape for less than $20,000. Get an older "farm tractor" from the 60's or 70's. Maybe a John Deere 3020, 4020, 4030, or other brand equivalent. They're built heavier and will last forever on small acreage. You can do everything you described with one machine. Most guys don't bale with one tractor, but you just switch from one implement to the next. Grandpa rehabilitated a run down farm, ran 20 acres hay and 20 head of cattle with one 60 hp tractor for 30 years.
I read a University of Illinois study on the practicality of farming several hundred acres of grain with one 100 hp tractor. You could do it.
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