My cousins are doing this, more or less accidentally.
Firstly, a caveat, they tend to make poor decisions. When they have a bit of extra money, they tend to put all of it onto a single "scheme" to make more money. e.g., all their available $$ goes into buying breed stock to raise sheep. Then a bear ate half the sheep in year two, before they had managed to start selling much. You may be much better at making financial risk decisions so their example may be extreme.
As others have said, you need to figure out what your farming "income" will be. That income crop / animal / etc will not be a main part of your food for your family, as once you have a small income stream around something, you will maximize the production and sales (easier to sell one commodity than 10). People that have cows / steer don't tend to eat a lot of steak, for example, because beef is their income.
Cousins -- have had a go at raising horses, cows (heiffer/steer), sheep, turkeys, (not all at the same time) plus a large vegetable crop for eating, a few chickens for the family. They do preserve / pickle / freeze a lot of food, and hunt. The area that they are in is not great for vegetables/ fruits, and things like potatoes that grow well there, will always be cheaper to buy in bulk. The family used to fish (and can the fish for later) but that is not as easy anymore, because the unnamed lakes to get a lot of fish in a couple of days are farther away in the bush, and bringing all you need to can that far into the bush means a lot of work for what you get.
She is rural, through and through, and is truly excellent with animals, so raising dogs and training / raising quarter horses she is excellent at. She was also the primary large animal caretaker for SPCA rescues, they receive some food and can pasture these animals on their land, but only received nominal income so have discontinued doing this (inheriting a llama in the process).
The properties that they live on are "Rent to own" or "lease to own". They accumulate distant properties without buildings to allow them to pull off more hay for the animals, also on rent to own basis... BUT -- if something causes them to miss a tiny window of hay cutting / baling (in good weather at peak nutrients), they are hooped for the year. e.g., a mechanical failure of their tractor, or in one case, the land did have a small house that they leased for very low rent -- that had a murder in it, and they could not get across police lines for over a week to get to their hay field.
They had a lightning storm and the horses (on a new pasture to them that summer) spooked and one cracked its head on the only tree in the entire pasture, and died, but insurance did not pay out because the horse committed suicide. I think they had only 7 horses, total at that time, and this was a prime one for breeding.
Their ideal property to live on (beautiful, small home) is too far away to get telephone or electricity, and required enormous amounts of improvement to make it habitable. They had just gotten it close to the stage where they could over winter in it, and then their 2 year old generator caught fire and burned out, and they need $$ to replace it if they are to move in, which of course they don't have the money... so they continue to rent a cramped, very poor quality 1 bedroom place for the 5 of them closer to town.
He was trying out many self employment ideas, including buying a gravel dump truck, and also snow plowing contracts. These are all pieced together with increasing contracts, and start to make good money...until a mechanical issue with the (older) truck, or another person comes on scene to under cut the prices, or the forestry company moves field operations to another area.
Eventually, she took on part time work at the local diner, and he got employed in a hazardous material truck driving gig to pay the bills but it required 14 days away from family at a time.... and after 5 years had to quit to save his family.
The good news?
Although they are exceptionally poor in terms of $$'s, their living costs out of pocket are extremely low. Fuel is a major cost item, and now some things for the teenagers, but mostly they don't need much money. The land that is used for farming income is 100% expensed against that income, dropping their tax rate to nothing / eligible for welfare (Which they refuse to take). Therefore the house that they have on the property and live in is also 100% deductible from their business income.
Not many people can expense the cost of their rental family home against their income.
I would guess that the net family income in some years was $15k. Total.
Anyway. Hobby farms look like WAY too much work to me. I would much prefer just keeping my garden to the size of eating immediately whatever comes out of it, and not selling or preserving anything more than the excess fruit from single trees.