Any way to estimate starting or maintenance costs per acre?
Start with soil samples and applying required amendments to get to a place Alfalfa will accept.
Then do not till as erosion will be hard to manage and ponding will drown seedlings.
Spray and kill existing stand then drill in Alfalfa as shallow as possible while still making seed to soil contact.
Drill at 20 to 25 lbs per acre but drill at half that and plant twice using a criss cross pattern.
Plan at least the first year to establish. Straight alfalfa is too much protein for cattle but can fed as a supplement if they will pay the price.
Horse people want alfalfa hay. Cut it young and often, buy a moisture tester, a good one, learn to forecast the weather.
Costs will be determined by your suppliers and if you have the equipment.