Due to a new job, we left the DFW Metroplex 7 years ago for Blount County, Tennessee...which is roughly 30 minutes south of Knoxville. Traded in the suburban life style for 5 acres in a town of 2,500 people. Started out by building a home on the land. With the additional room, the kids wanted pets...which became 3 dogs and 4 cats. Then we built a barn, and fenced the pasture. Got a horse but soon discovered he was pretty lonely out there by himself...so we got another. Kept the barn as clean as could be, even kept the feed in closed metal containers. Yet mice soon appeared. Rather than using poison or traps we got two more cats...who 'live' in the barn. Mice problem solved.
A little over a year ago, we were approached by someone who needed to get rid of their three chickens. Against my better judgement, we acquired them. We now have 12 chickens (just got rid of the rooster) and regularly give eggs to friends and neighbors. We free range a couple of them during the day...it cracks me up to see their unique, and different, personalities.
When I'm at the Co-op, buying chicken feed, grain for the horses, or chainsaw supplies, I feel like Oliver Douglas from Green Acres. I'm a fish out of water compared to the locals. Yes, it's a lot of work, and my life is 180 degrees opposite that of living in the Metroplex. But I would not trade any of it.
My suggestions: if you're looking for land, find out if the land is un-restricted, or if restricted, what are the limitations? In our case, we're on restricted land...so we can't have cattle, but we can have sheep, goats, and pigs. Unrestricted is great, but then you could have someone come in and put a trailer park next to you. And of course there's the availability of utilities...water, electric, gas, internet. And then there's the septic tank...which brings its own unique issues.
I would also suggest you legally split the property you and your parents are buying. Recently, an acquaintance of ours lost her house to foreclosure due to her father's debts. Turns out she had great credit, and was current on her debts, but lost her home because it was built on her father's mortgaged property.
Not saying you can't do it, but make sure it's more than a fleeting emotional high. Having grown up in the country, I knew I'd like it. However, the kids prefer the big city...and sometimes complain there's nothing to do (mucking a stall is not something they desire). Fortunately, we do live a short distance to Knoxville...so we haven't given up all the pleasures of a city (though it's a far cry from DFW). My assumption is you'd be in the same boat with your proposed destination.