With a growing number of students coming from non-farm backgrounds, preparing the next generation of agricultural producers to acquire, plan, and develop new farming enterprises is something that should receive more attention in many undergraduate programs. To address this need, a real-time, experiential learning exercise was developed to provide students with practical exposure to the key steps involved in purchasing, planning, and establishing a new livestock enterprise. Students enrolled in second-year production animal agriculture courses evaluated a local agricultural property offered at auction and deemed suitable for enterprise development. Classroom instruction covered essential topics including auction processes, financing, conservation considerations, governmental programs for younger and beginning farmers, zoning, deed restrictions, easements, legal restrictions, and taxation. Prior to the sale, students conducted on-site property assessments to evaluate suitability, plan potential uses, and estimate market value. Students peripherally participated in the auction by attending in person or virtually and later compared predicted and actual sale prices while calculating associated acquisition and financing costs. Following the sale, students were introduced to fundamental principles of site development, infrastructure planning, and utility placement. Each student then designed an animal agricultural enterprise, of their choosing, for the property and developed a detailed site development and construction plan with associated cost estimates. The project concluded with peer presentations and discussion, emphasizing enterprise ingenuity, feasibility, and design rationale. Student feedback indicated an increased appreciation for the complexity, cost, and planning required to successfully develop a functional animal agriculture enterprise.