what are you planning on turning? if you want to do bowls, you will need plenty of depth of swing over the bed, and extra power, a decent chuck system and plenty of face plates. If you want to do long spindles you will need a long bed and a steady. If you are doing pens and miniatures you can use a mini lathe. I have owned an old record mini lathe for around 20 years (made in sheffield not china) It is great for doing fishing lures , although I have stretched it to the limit and managed to turn 12 inch bowls on it. It has a solid cast iron bed rather than 2 steel tubes or solid rods to rest the all cast iron headstock and tailstock on. The bearings are still good after all these years. I mounted mine on a bench that has 3 or 4 bags of gravel inside to reduce viberations.
You can get a good ebay deal on record power lathes. For lathe turning tools, its a fact that anything less than Robert sorby are not worth the time, the cheap chinese "lathe tools" are good for mixing paints thats about it. I do virtually all my turning now with just 3 main tools-3/4 inch roughing gouge, 3/4 inch skew and 1/2 inch bedan, with 2 bowl gouges for bowls when I do a few.