I have a workshop that is about 20 feet separate building from my home. It is on my alarm system, not a separate area, but that could be changed in 20 seconds by changing the settings. The separate area thing is only a designation on the Elk programming, no physical difference in wiring.
My office complex is on one system that is 5 separate buildings. This is, as you might imagine, a profesionally installed, insured, bonded, and whatnot company that did that. It isn't an elk system but it is the same area designation concept.
Owning two adjacent lots in most places gives you rights to cross the property line with structures and communication lines. You would have to check local codes and deed restrictions.
Running underground lines puts you at some risk of suffering a lightening issue. But this is no different than your telephone line, cable line, sprinkler line, etc.
Finally, if you set it up and find it doesn't work for you, just buy a unit for the other structure and plug your databus hub into it. There are vitually no wiring changes at all. The only waste is the cat5 you buried. I would suggest putting it in sealed conduit.