I'm no expert, but here's my 2 cents, FWIW:
I've been on many hunting leases over the years, including that big ranch just south of Corpus. Unless you're willing to pay an absolute fortune for a high quality long-term lease, you're going to have little control, have to deal with other hunters who might not have the same standards as you, deal with potential poor management practices by the owner/rancher, and run the risk of being booted off for whatever reason. Many leases wind up being as much work as if you were on your own land. Plus, on a lease, you're just throwing your money down the toilet. You get no financial benefit from your hard work managing and improving someone else's place. I got sick and tired of it and bought my own place, where I have total control and everything I do benefits my land. And, in my case, the annual cost is less than some of the leases I was on. To me, there's nothing quite like working on your own land and then, at the end of the day, being able to turn around and look at what you've accomplished to improve your own place.
Owning livestock will add a significant amount of work, expense, and responsibility. Easier to have someone graze their own livestock, but you need to make sure you control how they use and care for your land. I think the wildlife valuation is the way to go, but the land must have had an ag valuation first.
Things to consider when buying land (other than the usual financial/pricing/market issues): water (surface and underground), minerals, water & air rights, utilities, Ag or wildlife tax valuation in place (make sure its in good standing - huge annual savings with this), surface control, quality of neighbors, quality of nearby communities, condition of fences, any existing leases in place, etc, etc.
