Sound advice, although I will pick a few nits.
1. Any sort of equipment, new or used, is going to depreciate.
Why have equipment? For they type of farming we do one needs nothing more than an ATV and maybe a small (30hp or so) 4wd tractor with a loader for misc tasks. We are trying to get away from hay completely and therefore almost no equipment is needed. One of the more successful farmers around here has nothing more than a little B series Kubota and they farm close to 200ac
2. Many successful farmers use equity
and debt financing, as do many unsuccessful farmers. The successful farmers have business,financial, and marketing skills.
True, but if you don't have any debt it takes a lot of pressure off the operation
3. The prospects of a 200-acre farm producing enough net income from commodity production to support you and your uncle are dim. You should look at the commodity enterprise budgets from Ohio State:
Farm Management Enterprise Budgets | Agricultural, Environmental and Development Economics.
Agreed 100%
4. The prospects from specialty crops are brighter for a 200-acre farm. You can't compete producing a commodity -- you can compete producing a product. These specialty crops are management- and labor-intensive, require access to suitable markets, and you would have to develop marketing skills. See
Enterprise Budgeting Tools - Agricultural Marketing Resource Center.
Also fully agreed
Depending on the stage of your college career, you would benefit from taking some economics and business management courses. Better still would be courses in agricultural economics if you are attending a land-grant.
Steve