No real business advice here, but Texas just ended a multi years drought where most "small" ponds became big dirt holes. Water will be your primary concern first, topography second, then the multitude of permits. Texas has one or two I know of. Depending on water used, location and discharge, you may need a 404 permit from the EPA/Army Corp of Engineers, an EPA NPDES waste permit, Locating reliable sources for adult fish to restock with, especially 2 pound channel cats.
