Rabbits
for meat and fiber
Rabbits are a great asset to any homestead if you pick breeds that are designed for producing meat.  I prefer the New Zeland and Californian, they seem to be the most practical breeds having a good amount of meat on the carcass, and fast rate of growth.  They butcher at a nice weight at 8-10 weeks of age.

We keep a buck and 2 does, which supplies us with a good amount of meat without over breeding the does. 
Breeding
Care and Feeding
Butchering
We have recently begun raising Jersey Wooley rabbits for their fiber.  The fiber is hand plucked a small amount at a time from each rabbit.  We chose the Jersey Wooley because of it's small size and it's nice fiber characteristics.  Currently we have 2 bucks and 1 doe; but will be adding more soon.
Here are some great links for more information about raising rabbits:
http://www.debmark.com/rabbits/basics.htm
http://www.rudolphsrabbitranch.com/rrr.htm
http://www.rabbitfarming.com/menu2.htm
Here are some great links for learning more about the fiber arts and spinning.
http://www.worldknit.com/howto/howtospin/sfiberprep/card.html
http://www.brownielocks.com/spinningthebunny.html
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