Learn to talk farming language before you enter into any dialog.
You will get lots of info in the farming press, such as 'The Scottish Farmer' on the sort of returns you can expect from your land. It's right at the start of the grass letting season just now, so local marts will be advertising availablity and, later, the prices made for grass this year.
If you are considering taking it back, you may wish to ask your neighbour if he'd take a cereal crop off it and undersow with a grass of your choice so that he gets the grain, but you would perhaps have the straw and a good start with your grass when you go to use it. If you choose not to graze it, you may want to sell the standing crop for hay/haylage which should sell well, particularly if it is a horse mix as there is always a market for good horse fodder. You'll have to take advice on whether to sow an early or late flowering mix, according to the length of your growing season and when it's likely to be cut/how many cuts you want. Remember grass needs fed/harrowed/rolled to give any great return, and that has a cost to the user of that land.
Contractors will cut and bale it for you at a price per bale which you can then mark up for sale. Once it's been baled and carted off, you may be able to let it over the early part of the winter for sheep keep. This will improve the sward as well as giving you a certain amount of free fert. Or you could graze it at the back end, then leave it over winter and get a good early bite for lambing ewes when it's most needed.
Bear in mind that as the costs of fuel and labour rise, so will the margin of profit narrow. Remember, too, that being a small place kind of puts you at a disadvantage with contractors when everyone is screaming to get things done and the weather forecast is poor.