Mugen Mbx5r

[simplechamp]

You could get the motor, ESC, and lipos for $300-400, but that still leaves radio system, servo, charger, conversion kit, other misc running gear (unless you already have some of this).

You could do what I did for my F8T setup, buy one or two pieces at a time until you have accumulated all required parts. It will definitely test your patience, but when it all comes together you'll be glad you did things right rather than rushing it and buying cheap gear just to get up and running immediately.