Most of the wildlife you see in Paulding and Cobb will be limited to deer, raccoons, or things like that. Maybe a Coyote or Fox, though, so I don't think it's a good idea to leave an 18 month old out in ANY yard (even fenced) anywhere, really. There's a Coyote that comes all the way down to Powder Springs (SW Cobb) and kisses my three female dogs through the fence. Most aren't aggressive unless maybe if they're in a pack and you have a small fluffy dog (but again, don't leave young kids alone in the yard, either!).
Bobcats aren't a problem here. Heck back home as a kid I used to PLAY with one for over a month before my mom finally saw it and completely freaked out. She thought I was playing with a neighborhood house type cat - I was feeding this thing ham slices every day from the fridge and it never carried me away (I was about 4 I think). Once I let it in and told her I "let the kitty I play with in" and she went into the kitchen to see the Bobcat. Well, I didn't feed him anymore after that.
Now a couple of years back a guy who raised "Ligers" (a cross breed between Tigers and Lions) actually had a couple of them escape. There were news reports where people saw them and took photos of them at the edges of their back yards (around 170lbs or so), and I never did hear that they ever caught those things - but there were only two and I doubt they bred or there's a rash of Ligers running around, but it happened. Supposedly they get somewhat docile when you cross breed them, but I wouldn't walk up to pet one - or once again, leave a young kid in a yard in North GA. wandering around.
This past spring there were an unusual number of black bear sightings around metro Atlanta. Some as far south as Northern Cobb and North/mid Gwinnett. It's not usual, but they have been growing in numbers the last few years so this may be a trend. People have seen them in their yards or running across a road, but so far no reports of one trying to get into anyone's house or attacking a pet or kid, though. In far north Georgia sometimes they try to get into vacation homes where they think there's food (hence, why you should NEVER feed one - they will come back and be more aggressive to get more).
There are a few snakes which can be found throughout the metro area, and especially if you're near a forest area (but not limited to), you may see more than some. Copperheads are not necessarily deadly (to adults, anyway) - Cottonmouths (near streams/water - can be deadly) - and in north Georgia, I think Timber Rattlers (can be bad but not usually deadly). The rest are Rat snakes, Corn snakes, and stuff that can't really hurt you. Always keep your yard trimmed and they shouldn't be a problem (cats help).
Around Atlanta I'm more worried about neighbors with Pit Bulls or teens who will shoot you for your shoes or iPod, but that's city life.
What it boils down to is if you want to be safe but also want to live near forests and trees, and you have young kids, you probably want to have their play area fenced off with a 6-8 foot wood privacy fence. Standard chain link fences are easy for wildlife to climb and jump over but wood slat fences over 6ft are much harder, so they'll keep the critters out better (as well as potentially dangerous stray dogs, etc). Some counties have size restrictions so ask, but in my area you're allowed to have up to 8ft if it's not visible from the road.
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Wildlife in Northern Georgia
. You will definitely see deer, squirrels, and the like. It really depends on the area you live. Most of the counties you mention has Lake Lanier and the Chattahoochee River (both major water sources). It depends on how close you are to any National Forests, Wildlife Areas, etc.
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