unlimited space is impossible. Your best bet would be a server though if you want to offer reseller accounts and have unlimited space. $120 can get you a lower end server. Check around the dedicated server offers or check signatures. Hope this helps.
Also read through WHT to get a good idea what is involved in the Hosting Industry. This is not really a quick fix. You can make money in time. I would suggest looking for a niche market or local business that need help going online.
I agree, an entry level server from AngelNetworkz.Net, ServerMatrix, or even BURST should leave room for growth while speeding up development of your newest venture.
Best of luck.
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As others have said, you should not just start it. Failing to plan is planning to fail. Take time and read a lot about the industry. Read hundreds of threads on different topics and make full use of the search feature http://www.webhostingtalk.com/search.php?s=
Note that although some things are promised (like unlimited space/bandwidth) these do not exist. They are just hype. promises that could not possibly be fulfilled. AFAIK there is no quick way to make money. There are lots of ways to lose money trying to make a quick buck though.
If your family is in the poor house then you need to make some money fast so you can put food on the table right?
Then don't start a hosting business, because it is definitely not a fast way to make money (it is a way to make money just not fast) I would suggest that you use the $120 dollars and maybe buy some window cleaning equipment and clean your local business windows or something like that to earn some dollars now not in 2 or 3 months time maybe more.
If you are genuine in your reasons to make money (family poor) then don't risk blowing your $120 because if you don't get any clients in the first month or the second month you need to come up with that $120 each month regardless.
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Bright-Byte is right but not 100% )
maybe specialparking like this business and he has his own idea...so we have to encourage him in this way.
i would like to advice you to not invest all your 120 $ in the first month, try to purchase small account and upgrade it when you have more customers so it will be easy to make paiement for the next month.
good luck !