I rent 2 1/2 acres from our local council to supplement our own grazing. The land wasn't fenced properly before we got it and there's no water on there. We've spent a few hundred £££s on fencing and gates but have had the land for 6 years and the rent hasn't increased during that time. If you want to 'rough it' then it is a cheap alternative but I wouldn't want it to be my only grazing.
My sister and I did this many years ago. Cheap rent but a lot of hard work repairing the fencing and we had to completely plough up the field and reseed it as it was so poor. We were allowed to put stables up but the lack of onsite water and electricity made it tough to manage. We also had to find alternative grazing to give the field a rest. In the end we went back to farm DIY livery as it was less work and stress!
We agreed a transfer to someone else inc her buying the stables off us and taking over the lease from the council. She keeps her retired horse on it and has managed it for a good few years now.