what should I look for in a ranch?
If it is cattle you are wanting to raise, look for GRASS and lots of it. Cows need fed hay in the north, so that adds another problem so best to stick with yearlings for awhile. You have to have money to buy yearlings, and a place to run them. If it is farming, I don't think you would like NM. Anyway, the places where we have been in NM.
This is hard to say and even harder to hear, but until you have money, you are a tire kicker. It's fine if you want to look up property online, but when you get a realtor (ugh) involved the first thing you will be asked is, "do you have the monery?" We've been tire kickers, so we know, but my point is start saving now. Anything. Everything. This won't be easy, and it will seem impossible. Sometimes it is...
The upcoming political climate will make it even harder. Lots of uncertainty abounds.