I try to balance my expenses with what I get in return from the sheep. Loved the dairy goats, but now they would be too much work for us without small children actually living her 24/7. I know it seems like they are here constantly, but not enough to buy more dairy goats and milk every 12 hours. To do the job we need - completely denude our 6 acres of every burnable weed or twig, they are worth it financially. It would cost us a minimum of $5,000 annually to cut this property to our fire safety standards (not the fire departments' 200' rule). We have almost been burned out twice and completely denuded earth is the only way to protect yourselves here in Fire Central.
The money we would spend on clearing the property will buy a lot of hay for the sheep. Granted the sheep take work, but now that we have our equipment set up and multiple enclosures, they are less work to care for. Particularly since they are trained to come in at night to their fold. They produce lambs easily and regularly which helps to offset their cost and puts meat in our freezer as well. Having 3 LGDs to protect them works well and the sheep recognize their protectors - again training. Lastly, we enjoy seeing our sheep on the fields. During the short hiatus between our youngest selling off in preparation for college and us bringing back sheep, we really missed small stock on the property.
However, we do have our small acreage fully fenced and have night enclosures, hay sheds, and and a small barn for lambing.
We are considering moving to another state and more acreage. The main cost of that move will be fencing. We will have to perimeter fence at least 5' high with stretched woven wire for the dogs and sheep, possibly adding another foot or so above that.. Most agricultural fencing is 3-4 strands of barbed wire which will not hold in our dogs or young lambs. Inner enclosure fences can be 4' high. The second main investment will have to be barns. One will need room for hay, straw, and feed storage and lambing jugs. Another will need to house equipment, tool shop, and other storage.
Good fencing is always the priority in keeping livestock. Forget the house renos, budget most of your money for fencing and outbuildings if you plan on keeping livestock.