Mark I've been running cow/calf operations all of my life. It's all most of my family has ever known or done. Between my family and myself we run over 5000 head a year. I do know more than my fair share about how to make money on cattle and how you lose it on cattle as well. My place in Iowa is only about half row crop. The rest is cow/calf operation on pastures. We just finished a monumental project in rotational grazing that was the largest project in the state last year.
In Idaho my family has over 35,000 acres that is 30,000 acres of alot of barren ground that takes 20 acres/pair to get them through. Then we have some really good irrigated ground that with good management we are getting a pair by on acre/pair. We have about 15,000 in leased land from the government that you better have your pencil sharpened and your thinking cap on as to how to make it work even buying like you say and selling. My family has been running cow/calf operations for 150 years in the west. There's a heck of alot more to it than buying thin cattle and breeding them to any old black bull. It's no secret trying to make money that way. The trick there is to keep the skinny, diseased, suckers alive long enough to get a calf from them provided that you can even get them pregnant because they are so stressed. And not even to mention the fact you've got to keep that cow for a year before you even have a calf and then keep the calf at a minimum of 6 months to sell them. Provided everything goes right, and that rarely happens, in two years time you may see your first check from that cow. By that time you've fed that cow 24,000 lbs. of hay, at a minimum if you've taken care of that cow with shots, worming, etc. you've got another $100 in that. Then if you've fed any supplement over the winter you've probably got another $10/month average in that. On average you'll have $300-500/average per year in expenses on a cow. So yea you may pay for that cow in 2.5 calves but you sure as heck aren't going to pay for the expenses on that cow. Then factor in the fact that they are at the sale for a reason and half of them are either poor calvers, poor breeders, diseased, mean and hard on fences, etc. and good luck making money once you figure in your losses. Yea people make money but also lose money on it as well. If it was that easy everyone would be doing it. It isn't that easy.
Your best way to make money on cattle is start with good breeding stock, buy the best bull you can afford or AI to good bulls. Build up your own herd over a number of years continually improving your breeding stock. Immediately cull bad cattle and keep a good herd. And lastly plan on working 24/7 and keep your pencil sharp and change with the times and you might make a profit.
I sure am going to have to move to your area of the world. Your hay never gets rained on. You have such great fields you mow and bale hay at 10 mph. You have time for full-time jobs and full-time farming. You even make money on all of your cattle all the time and have that figured out as well.