You've gotten tons of advice, just one more thing.
Leave enuf money in your budget to get a good scroll chuck. They ought to sell lathes with those in place, they are so handy. I turned for two year using faceplates and glue blocks, and when I finally got a chuck, the light went on.
BTW, I'm using a Jet 1442 with the reeve's drive, and have made a LOT of shavings with it. I'm happy with it, but will buy another one when I win the lottery.
Old Guy