Welcome to woodworking! It can be a little much looking at all the tools available and trying to make sense of it all.
Sorry for the long post but after 25 years of woodworking I have a strong sense of what I feel is necessary to do good work and have fun doing it!
Here is my $.02... (I was a carpenter/contractor and have built my fair share of furniture) You can look at my shop rebuild thread. All the cabinet work was done with a tablesaw, chop saw and Kreg jig.
First, you need to be able to machine stock to the proper size. Things need to be flat and straight otherwise you will be fighting it. This requires only a tablesaw for sheet goods. If you plan to use solid lumber for your projects you can add a jointer and a planer. The three combined are the the holy trinity.
OK but what tablesaw, jointer and planer?
It's all about budget. My first place to look would be Craig's list. Most of the machines you are looking for will run for decades when used in a hobby environment and sell for 25%-50% of new. Guys upgrade and need to make room so they are motivated to deal.
Tablesaw- A well used contracter saw from Delta, Jet or Powermatic will run you a few hundred. Just make sure that it runs smoothly and has a good fence (30" capacity). Look for Biesmeyer, or some version of it, and make sure that it locks down tight and can be adjusted to make it parallel to the blade. A cast iron top with cast iron wings is a plus but not mandatory. If you stay in the hobby most likely you will move up to a cabinet saw in the future so this will not be your last saw. Another plus is that contractor saws are able to run on 120v.
I found this on Denver's C's list for $250. This is what you are after..
Ok.. So maybe the budget doesn't have room for a contractor saw. You can live with a small bench-top saw with a good fence until the funds are available. Just remember... Good fence. I'll talk about blades at the end.
Jointer - 6" Used from any recognized manufacturer. Cast iron table. If space is an issue, craftsman made a small 6" (I think HF has one also) that had a cast iron table. It worked great for onsite jobs and I think we paid less than $200 for it. Again, buy used and save yourself some cash.
Found this one tonight for $125.
Most shops have an 8" or larger but then you have to have 220v and they are heavy and take up a bunch of space. Worry about this later.
Planer - Any 12" portable. Keep the knives sharp and it will do just fine. Yes, there are better ones out there but you are just starting and can figure out what you would like to have (i.e. increased capacity, spiral knives, etc) later. This will get you started.
This Delta is listed for $150.
Chop saw - 12" (10" will do for now) Pick your brand. The more established brands will hold their settings better but at this point if it makes 90 degree and 45 degree cuts repeatably your golden. Hell, you may want to look at an old Dewalt rail arm saw. They can be found for under $100 and, once tuned up, can handle most crosscut duties with ease.
Here is one cheap ($40) on C's list. (Buy a good blade)
One poster talked about dust collection. If you can afford it, yes it makes sense. Buy it used and get one that fits your budget. $100-$200 will get you a good machine that will do what your new shop needs it to do. Move the hose from one machine to the next. This is a hobby after all and time is not of the essence.
Bandsaw- This one is tough. Smaller saws are fine for scroll cuts but you can do almost the same thing with jigsaw. Smaller saws won't re-saw very well so I am inclined to recommend that unless you see yourself making a bunch of curvy cuts you hold off until you need to get one.
Hand Power tools- Pick you brand (Bosch, Milwaukee, DeWalt, Ridgid, HF, whatever) Cordless drill, circular saw, router, sander and jigsaw. Used on C's list or visit your local pawnshop. Take cash and offer them 1/2 of the marked price.
Compressor and nail guns - Start small. Pancake. You won't be spraying finishes with it with any success but it will fire both a 18ga and 15ga nailer. Pawnshop or C's list. Porter Cable, Bostich, Hitachi, HF, whatever.
Blades - Forrest makes a great blade. Period. But, just starting, I would look at Freud and CMT. They cost much less and they will stay sharp and run true. A great tool with a crappy blade is a crappy tool and will turn out crappy work. Budget for a good tablesaw blade and one for your chop saw.
When I first started out I built a lot with the tools above. Added in there were some layout tools etc. You should be at a good starting place and as you decide what you want to build you can upgrade and sell off the old stuff to a guy just getting going.
Lastly, start reading the magazines. Fine woodworking, Wood, etc. I may get flack for this but, watch some of the New Yankee Workshop. Norm may not be a master furniture maker but he will show you how to use those tools, safely.
I hope that this helps. Any other questions please feel free to ask. And again, welcome to making sawdust! It's addicting!
Cheers,
Chris
)