If I was to start over I would NOT go out and buy some high priced heifer calf or donor cow in a production sale. Maybe I better clarify that by saying that it is a totally different deal if you are looking for a show heifer for one of your children and/or you wanted to get into ET immediately.
I have said on here before, that ET is not for everyone, and I question if it is for anyone who is just starting out. This is especially true if you are going to try to sell embryos and/or offspring resulting from embryos. After you have spent some time in a breed, and learned the pros and cons of different bloodlines, and decide what you goals are, maybe then you can make some good judgement calls as to good matings for flushing. I know of more than a few breeders who have virtually lost everything because they have over extended themselves via ET. The costs can sneak up fast and before you know it, they can bury you. I also agree with Road Warrior in his comment that there are too many cows being flushed that are simply not good enough. I have seen embryos sell in several sales this fall for under $100 each... some as low as $50 each. This does no one any good.
I have been flushing for several years and right now have 13 donors at the ET center. Some of these have been housed there for 15 months. There are times my knees buckle a little when I open the invoice that arrives in the mail. It is a fairly good incentive to get doing some marketing and try to make some sales.
When I think back over the years, some of the very best purchases I have made have been older cows. I remember one cow in particular that I purchased at age 13. She was one of the most appealing cows I had seen in a very long time, and I decided that I would buy her if she was reasonable... and gamble that she was carrying a heifer calf. She was bred to a very good bull at the time, and the cow still looked youthful for her age.I had to pay $1000 for this cow, but if she had been between 2 and 7 years of age, I probably would have had to pay $5000 plus for a cow of this quality. I got very lucky and this cow gave me 2 heifer calves before she quit.Both turned into excellent cows and both produced in the top end for many years. That was 25 years ago, and today, this cow family is one of the best in our herd. The quality this cow possessed has been transmitted for several generations, and it did not cost me the farm to bring these genetics in. I can think of several other older cows that have worked in the same way over the years.
Remember to walk before you run. Unless you are blessed with a exceptional bank account, start slow and buy smart. You don't have to spend all the money at the first sale you go to. Find out what bloodlines are popular in a breed. Find out what the leading breeders who use these bloodlines are. Go visit these breeders and see what they have. Price a few cattle from these breeders. Unless it is a very good deal, it is usually a good thing to tell them you will let them know in a few days. This stops impulse buying, and it also gives you some time to research what other breeders near you may have similar bloodlines. Maybe check these out and see how these breeders price out their cattle. Quite often, you can source a set of good breeding females, with similar breeding that the big name breeder is using, from a smaller breeder at considerable savings. There will come a day when you should be able to participate at the big name sales, but it may not be for a few years. In the meantime, you can build herd of similarly bred cattle that cost much less and they can be bred to breed leading sires. This only is an issue if money is not deep and you need to carefully manage your purchases. If the money is burning a hole in your pocket, I would still recommend that you start out the same way, but if you decide not to use this advice, it is not as serious a problem.
Know what you want. Know what structural soundness is supposed to look like.... and try to figure out the difference between fluff and puff and practical cattle. Try to understand the difference between femininity and fraility are. Some breeders never learn this one.
Last and probably most important.... before you buy anything.. sit down with your family and write down some of your goals for the cattle venture. If your wife and kids have a different set of goals than you have, it is best to discuss this before you start. It may be that you can rethink some goals and plan your purchases so that they can work for all the family goals. Buying cows is similar to leasing cows. If it doesn't work for everyone involved.... it will not work for anyone.