Where you live will impact more than the advice we can give, ( as far as the financial part ) cost are all over the place depending where you are. (promise we all wont show up on your porch,,,,depends on whats for dinner though) I have raised or been round cattle all my life and I only have a few "pointers" .
1st, don't count on your "woods" for graze, with all do respect, as far as that goes, cows will get little benefit other than some summer shelter, winter protection. (Some cows like to calve in the thickest crap they can find) . Also the cow breed has allot to do with what they find palatable. For instance, a Brahma bred cow, will graze more types of "browse" , than say a Hereford, even a mixed cow that has some "Brahma" in it will eat a more diverse diet. Neat thing is, you can probably make improvements to the woods to accommodate some grasses, like thinning and clearing.
2. This would be fencing, sure a "lot" will do fine". just BOLO for Foot rot, subsolar absess'es,(sp) tendinitis and a few other problems that can arise from a "lot" set up. (Standing around in muddy cr%p all day). Having a fenced in area of some size, will aid you for years and give you many more options for "hobby animals" IMO. Personally, I would spend the $$ and fence in the place, or a large portion, but eventually the whole place.. (your neighbors fence will cut cost, if they have one). IMO also, you would be better off in the long run (with hobby farming in mind) to use a field fence, say 38" and a couple strands of barbed wire on top, this gives you additional options, like raising goats for instance (some here, are making more raising goats than cattle)
3. Additional cost to consider are loading facilities and working pens. There will be times you need to treat the cow and having the right facility/pen/chute can possibly save you and the animal a severe injury. The tamer the cow, the easier it is to deal with. All my cows, where easy to worm and look over in the field, but having a chute made loading much safer and easier. Spend allot of time with them and they, for the most part, will be good with you. Feed is the key, get them used to the sound of a bucket shaken with feed. (could pay huge dividends if they get out) AND don't just "turn" out a cow in a new pasture, you may end up posting a "lost reward" poster. Pen them up for a week and let them adapt. This also gives you time to make sure they aren't sick or have something that could infect your other animals. During this time, condition them to the " feed bucket" routine and/or truck horn.
I have a "theory". A cow that spends all its time standing in a feed lot, will t grow muscle (meat), but not to the degree if they are allowed to roam. If they use muscle, it should help build tone and better marbling. Just a "theory" though based on how muscle grows.
Feed cost are in no way "constant" either, a dry year and you're paying out the rear, even if the drought is in "grain country" 200 miles away. Motor seven pays $15 dollars for a bale, here you cant even fertilize for that cheap, $15 is just what the baling would cost here. Round bales here are going from $50-$100 per roll, up to $140 last summer in South Texas.
I know I probably look at it different than most here, but I think I would get in a fence 1st, (330' rolls of field fence go along way) and give you so many more options and last for years, not counting helping protect your investment (s) from now on.
Obviously I'm not familiar with "feedlot" type set up, mainly raised them for "profit' (right:confused3

so I may just be rambling as far as your needs:laughing: