Welcome to the Passion
The first thing is to decide what form of grow do you want to do..Hydro or soil? I do hydro and love it, but I warn people that hydro is for those who can't keep their hands out of the grow, and for those who love to tinker with it. If you are not the tinkering type and want something that doesn't take as much constant maintenance then you will want to go with soil or soilless medium. I personally love coco coir for either hydro or soilless growing as it is a very forgiving medium that the plants just thrive in.
Your choice of nutes is the next thing and depends largely on your choice of grow medium. I don't use it myself but I would recommend getting GH Flora 3part nutes as many people here use it with much success and ease. And it can be used in hydro, soil, or soilless.
Your next important question will be ventilation. This is a critical point for many as too often people underestimate the necessity of good ventilation and the challenge of expelling hot, smelly air from their grow space. Just like us, plants need lots of fresh air to breath in order to do their thing to their best ability. The location of your grow also goes along with the ventilation as you will need to constantly bring in fresh air and maintain a temperature and relative humidity in ballance.(temp max range for optimum 65*f-75*f/ RH max range for optimum 45%-65% during veg, 35-60% during flower)
In my opinion... I would sell the LED and get a 600w digital HID with a cooltube or wide angle aircooled hood. I know yu said funds are limited, and you can veg a small area with the LEDs but you can't flower worth anything with them. With the HID(which you can get a nice setup from a seller called "yescomusa" on EBAY for about the best prices I've seen anywhere). The kits come with both metal halide bulb for vegging and an Hps bulb for flowering, and even the timers and light hangers.
If you go with HID lighting then you will need a substantial exaust fan and some flex hose for connecting to the light reflector so that you can pull the heat away from the light and at the same time pull in fresh air. This is where you run into the issue of removing this hot stinky air to the outside. For this situation(during flower when they get stinky) you will need to have a charcoal filter on the exaust to remove the smells. These can be bought or made fairly easy.
I would suggest that if you havent gone through all the stickies that you do so. Then I would suggest that you go to the grow journals and look at other setups to see3 how others are doing it. You can also see the mistakes that these same people have made as well as some of the do-it-yerself solutions.
I wish you lots of green mojo for your grow, be patient, and ask anything as we love to help whenever we can