Do your research now, reap the rewards down the road. It will be easier(and cheaper)to do before you move the first shovel of dirt. Check with your county drainage department and DNR etc. Also remember the amount of work it will take to keep the site up. Algea control, leaf removal, Cattail control etc. will become a task on a 3 acre plus pond. My pond is just a big puddle, but everytime my good friend (who has a much larger pond) comes to visit he always comments that he wishes his pond wasn't so darn big cause the maintenace cost and time is a killer.