I wouldn't recommend it if anything were to go wrong. It's a quick way to end up in bankruptcy if anyone gets hurt, or if your neighbors property gets damaged
Not getting hurt isn't hard. Not trashing your neighbor's property is even easier. But this isn't the kind of project one should take on with zero experience. Do yourself a favor and buy a backhoe that's a runner to start with even if it costs 5x more than a project.
I mean sure, maybe. I could also contract a disability or disease or get hit by a bus while risking my hide earning an extra couple hundred grand to buy a house.
Probably, if you do something blatantly negligent and kill someone. Short of manslaughter, though, I suspect jail or prison time is pretty unlikely. You'll still be financially ruined if you don't have insurance or your insurance won't cover your foolishness though.