I hate to be negative because I am also a young farmer that started when I was 24 with no machinery (or even farming experience), and young farmers need encouragement to get into the business. But in your case, I think you need to re-evaluate your approach as to not jeopardize your finances.
With no machinery you have a big problem. You will go broke in minutes trying to acquire machinery just to farm 120 acres in beans or corn. You will lose money for years - guaranteed. Trying to spread the cost of machinery over 120 acres is a lot harder than over 500 acres. You need at least $50K in machinery on the low end (not including sprayer or combine), plus seed, fertilizer, custom work (spray/harvest/haul). Short of sitting on $60K in cash, it would be terribly difficult to make it work for 120 acres in the first few years.
Whether you do row crops, hay, or specialize in something else, the only way to do this properly is to slowly acquire machinery until you have what you need. You can't get everything at once, at least not without an operating loan which you'd be lucky to get (since I don't think you own the land). To put things in perspective, I have about $90,000 invested in machinery for a smaller operation (350 acres, about 250 tillable, mostly hay with some grains) and I don't quite have enough equipment to cash crop 500 acres. I'm about $10-15K short of machinery to be able to do it.
As someone else suggested, I tend to think hay is great alternative. The upfront cost is small to get 120 acres established in hay (heck, you can seed with an ATV or 3pt spreader). For $30K you could buy enough hay equipment to do small squares. You'd just need hired hands to help load/unload, but otherwise it's a one-man operation. Don't have to pay yearly for spraying/combining/hauling, or deal with fluctuations in bushel prices (since hay is generally stable in price)...
Anyways, that's my opinion. I'd gladly talk to you more in private if you want to -- I've been there, done that, and went through the growing pains of starting with one tractor to where I am today. It's not easy but it's not impossible either.
Don't give up the dream -- but don't let it cloud your vision and lead you to make the wrong decisions now. Worst thing you can do is burden yourself in debt with machinery.