Lots of different considerations...I would talk to Farm Credit to start. They have excellent rates and they have a feel for the market on rural property. There is a general misconception that they just do farm loans. Not right...they will do homes that are anywhere not just farms. I have my home and a farm with FCA and they had much better programs than a bank can do...talk to them about their cash deposit programs.

As far as the tax question, there are some good breaks if you are "actively" engaged in the farming enterprise. That means you have to Own cows vs renting pasture out and being a passive partcipant. Get with a good accountant first...dont get tax info on a forum!!

Insurance is not a big issue, most insurance companies have policies designed for what you are talking about.

Central Illinois farmland has shot through the roof in last 12 months...where are you looking to buy?