I agree with alot of the statements made on here about you having a golden opportunity if your hearts into farming do it! Learn from your family and neighbors and listen to whoever can give you any advice its up to you to find the sweet spot between good advice and advice that doesnt apply. As far as rent and equipment i worked a deal with my family to trade labor for equipment to start out you could maybe do the same with your neighbors or uncles, if you calculate your time put into farming you are doing it wrong in my opinion. If you are working on what to do with rent what i typically see is 50/50 cost share and crop shares where the land owner shares all inputs and crops taken off. If you are looking into cash rent i wouldnt risk anything over 1/3 of your potential gross income based off of december/January pricing for your local area. example dec 16 corn 3.83 - typical local basis -.34 x 105 bu/acre = 366.45 / 3 = $122 cash rent.

i dont know if that helps you any but i used to be in a similar situation as you and it has seemed to work out for me