I guess the first question would be do you have any wood working tools already? Next, how much space (sq ft) are you going to have?
Just to cover the basics for turning you would probably want the following:
Lathe, band saw, table saw, drill press, dust collector, and a slow speed grinder. A jointer and planer if you really feel the need to square things up.
Couple of things to keep in mind: Craigs List is a great place to get some real deals on the bigger stuff. If you haven't bought a lathe yet I would recommend checking a few out before deciding on one. You are also welcome to come check out our meeting, which happens to be this week at Garret on Wed. The 18th. I'm sure you would meet a few peeps that would be willing to let you check out their lathe. Being you space may be limited, mobile bases come in handy.
I sent a pm to you with my # if you want to call and talk.