Before you'll buy make a list what will you do MAXs and MINs with the lathe:
Diameter,
Thread sizes,
Body or housing length,
Metal and tools types (HSS or inserts) >> motor power.
With a big machine you can make small parts too, but a little one will choke on a big part.
Those are definitely some good ideas. I know you are on a limited budget, but in the long run, its cheaper to buy a bigger lathe/mill/welder/whatever right out the gate then to need something bigger and upgrade later on down the road. I really wish I would of bought a bigger lathe to begin with, but I was limited on space for it so I settled with the one i mention in my first post.
second, get a quick change tool post. ill post a link to the one I bought. the 4 way tool post that a lot of the smaller lathes come with will piss you off in a hurry. Be prepared to get a bunch of shims to get the tool piece at the right hight.
6 - 12" WEDGE QUICK CHANGE TOOL POST FOR ALORIS 100 AXA | eBay
third, depending on what you plan on turning down, having a variety of indexable bits and hss bits is useful. I turn a lot of tempered alloy steel and stainless steel and can say that plan m2 HSS bits wont last. having a higher grade HSS like M-35, M-42, cpm T-15, cpm M-48, and T-42 (10% cobalt) will work wonders. Especially the 2 cpm alloys will chow down on 304 ss like its aluminum. Some good coated Cemented carbide inserts will also last a long time as long as you dont chip them first. I personally have never had one chip in regular use unless something moved or jammed the thing up.
If its mainly aluminum and bronze/brass and mild steel, then the M-2 HSS is a good match. its much easier to grind than the cobalt super HSS's.
There is a seller on ebay that is selling the T-42 alloy cheap. Its a china alloy, but its comparable to the CPM t-15.
5pcs 10% Cobalt 5/16" Square Tool Bits Tougher than M2 | eBay
for those of you who are interested in the different HSS's. . .
Crucible High Speed Steels for Cutting Tools
Latrobe Specialty Metals
Oh, yeah, with hard to machine alloys, pay attention to the recommended cutting speed.
here are some useful websites related to speeds and feed rates.
Cutting Speeds - LittleMachineShop.com
TABLE 2-8. *SUGGESTED CUTTING SPEEDS AND FEEDS.
Cutting Speed and Feed Rate Calculations