It depends on a lot of things. How big is the property? What is already on it food/bedding-wise? What do the surrounding properties consist of?
I would agree that the deer will move to the food over bedding, yet bedding could take longer to establish than a food plot. If I could only tackle one during the first year I would probably choose bedding because of the time needed to establish. Then food as soon as I could.
Food could definitely be established fast... I would probably hinge cut first off, and plant some plots next.
What is provided close by or in surrounding areas would have to be answered first. Long term I stress more for caring and making good bedding areas over food.
For me it would all depend on what time of year you take control of your new property. If its late summer or early fall then I would probably work on some food to help you for the upcoming hunting season and to help your deer in the winter. Then when sping comes around I would hinge cut and work on your bedding areas when you have a chance to really get your boots on the ground and scout.
Ok, I should have elaborated more in the original post. 240 acres in an area that's mixed farm fields and big woods. Closest field with food is 1-1.5 miles away. You have a couple old pastures on your land, but are over grown in patchy brush, each about 3-4 acres. Woods is semi open, but not wide open. You have a dry beaver pond bordering your property with tall grass and brush on it. Also a few areas about 1/3 acre each with thick grass and weeds growin in them. You take possession of this property on May 1. Now, what's your first priority?
Where do you start? The small plots or the large ones that are 3+ acres each? Same question for you TJ.
(1) I would establish points of entrance first with mowing, tilling or tree removal. (2) I would select a majority of the parcel not to be touched. (3) I would do a trail camera survey. (4) I would add select trees; fruit, nut, seeds, etc. and certain grasses; switchgrass, etc. (5) I would play with food plots, but nothing serious. (6) I would not hunt this parcel for (24) months. (To directly answer your question it would be bedding, security will always be better than food in my opinion.)
French's approach is good, but I differ in the not touching your sanctuaries...a crappy sanctuary won't be good merely by leaving a lone all the time. With hard work and time an awesome bedding sanctuary can be formed very quickly and then with just limited yearly maintenance in the off season be kept thriving. Some sanctuaries left un-touch slowly choke desirability out or also can mature into desolate park like areas void of good bedding. The right property and patience though this is a sound plan....although I could never wait 24 months...baha!