Some good advice already provided, but I especially echo what Bowman said. Spend a few bucks and get a consultation from Dbltree early on, you will be way better off in the long run with a good understanding in the beginning. You can learn A LOT just by reading his many threads and that is totally free.:way:
Some other random thoughts...
I have had my farm for about 10 years now and I wish I had done a better job of taking pictures, especially in the early days. With the many habitat improvements that I have made it would be really nice to have a better record of when I did what, etc.
Don't be afraid to start small, a tiny clover plot is still better than nothing at all. The satisfaction you will feel when you start to observe the wildlife using the habitat you create/enhance is worth the effort/expense.
For instance, I have been trying to improve my ground to be better habitat for pheasant/quail, especially in the last 2-3 years. Yesterday I saw a mature rooster and heard two others separately, so I know I have at least 3 roosters on my place now.

That is about a 300% increase from when I bought the place.

Now if I have a couple of successful nests out there this year I might actually have a whole flock of them this fall.
Predator control - I think one reason that I am seeing more birds is that we have gotten pretty aggressive in the last couple of years on predators and I have rediscovered a boyhood tradition of trapping. It is quite surprising to remove as many skunks/coons/possums/misc as we do and there are still more there. We have decreased the egg-eater population to be sure, but it isn't as if there are none left.
TSI - I should have listed this as #1. Whatever timber you have can be GREATLY improved by doing a quality TSI project on it. I would look into that as soon as you can and plan on doing something this coming winter.
Neighbor relations - (these are my thoughts, others may have different opinions.) I assume you will be an absentee landowner and if so, I would go out of my way to befriend as many neighbors as you can. Some people in rural areas are a little leery of "city slickers" buying the "old Hanson farm", etc. I have made many friends in the area next to farm and the benefits are substantial. If you show up proud and post giant "No trespassing" signs, etc, before even meeting some neighbors you could be setting yourself up for some poor neighbor relations unnecessarily IMO.
As an indication of what good neighbors can mean...last year I had a strange truck on my farm one day and I received 3 separate, independent phone calls from neighbors alerting me to the potential trespasser. (As it turns out it was OK, it was just my son in a different truck than any neighbor had seen there before, but it was very nice to know that people are helping you.)
If you are ever in SE Iowa and would like to take a tour of my place I can show you more and you can avoid the many missteps that I have taken. Congratulations!! You will enjoy it I am sure!