One of the biggest challenges is the time-scale you have to deal with. It takes 2-3 years for grass-fed steer to mature. It takes 2 years before a heifer calf can breed back. You need to have your life planned out for years and years or it won't work at all.
One alternative is to raise sheep. I bought a bred ewe who delivered in January. By October the same year her twins were fat and ready for slaughter. One cow eats the same as five ewes so sheep can better match the forage output of a small operation. Sheep being smaller also means you don't need expensive and dedicated equipment to handle them. For example, I have butchered several sheep myself and the meat can fit in a fridge freezer. You can lift a 100lb sheep carcass by hand, but 1000lb steer needs a strong building and a winch. So you'd typically take a steer to a butcher($) in a cattle trailer($) pulled by a truck($).
You said it's about 5 sheep to 1 cow for feed. When you are grazing on natural forage, I tend to see that my sheep eat even less than that, probably because they are eating the "weeds" and other things that the cows don't like. On my farm it's about 8:1 sheep to cattle. Of course I am running a hair sheep breed (dorper, katahdin crosses).
You have to want to put in the effort and deal with the consequences each day
You said it's about 5 sheep to 1 cow for feed. When you are grazing on natural forage, I tend to see that my sheep eat even less than that, probably because they are eating the "weeds" and other things that the cows don't like. On my farm it's about 8:1 sheep to cattle. Of course I am running a hair sheep breed (dorper, katahdin crosses).