I'm from Bama, so next door neighbors. 120 acres is plenty to hunt on and kill good deer and turkey! and have enough for one or two friends or grandkids to kill a decent buck off. 120 acres in Mississippi managed correctly, you are blessed my friend.
1) Get a survey, invite the neighbors to split the costs, but if they don't let them know you are having it done and the neighbors can be there while it is being done.
2) Mark property lines in purple, at least - 8" long, 1" wide 3-5 feet off the ground. Read purple law.
3) A three to four barbed wired fence will be good, I wouldn't bulldoze this, I would use an atv and a sprayer (fix you up a boom that is just the width of your atv and attach it, also have a hand sprayer attachment for clumps you really want to hit), just to keep the fence area for deer and other critters moving. Yeah, it may not be perfectly straight because of trees, all you are wanting is an area on your side of the fence for critters to move and you to move silently, especially during turkey season.
4) You can build a fire break a little farther in, this will really allow for animal movement and potential shooting lanes and greenfields.
5) Inside the 120 acres in one or two even three areas, this may take a while unless you know the land, leave those two/three areas alone, those are bedding areas, do not hunt them, do not go in them except way after the season or during the summer to maybe clear some land and plant some good foraging food for them. You can split the land into 3, 40 acre tracts, wow, what a way to hunt!!!!!! Mississippi State can be a great friend, yeah you may roll a different university, when it comes to deer, they know deer and turkey.
6) Set up your ground rules for what you want to kill, and everyone you invite needs to abide by them. You are going to have some (best friends) now or when you kill a good buck or two (or a few turkeys). Now watch taking money from them to help cover costs or allowing them to help with "chores," some can suddenly think they have the "right" to hunt. You know all this, or you soon will. I'm merely trying to help before you loose a "friend." Us southern boys can get mighty testy over hunting deer, especially if it's a goodun. I'm more partial to turkey hunting myself, now for all this good information, that will only cost you two or three days at the start of the season. (hahahahaha, see, it's already started)
7) You are blessed, take care and have fun.
8) Oh, one more piece of advice, if you let anyone else hunt, anyone, please make sure you have hunting insurance and set the land up in an LLC and as a hunting club. You already know this I'm sure, I'm just throwing it out there.