Hi Hillsie,
Its wonderful to see your interest in lathes. There are lots of do's and dont's to wade through but you are on the right track to start here with your post.
Firstly, you certainly get what you pay for when buying a lathe. Be very wary of the cheap Asian stuff coming into the country, some is real cheap and nasty. Have a long hard think about what you want to do and then think what you would really love to do in maybe a couple of years time. Build land yachts now and perhaps venture out into the world of live steam loco's later on or maybe a turbine or IC engine, a single or multi cylinder? What you decide to do (buy) now will affect what you can build some years down the track.
The following will help out in the short term.
Dont buy (NEVER) any tungsten carbide tool sets for a small lathe. Dont even buy the offered HSS (High Speed Steel) sets either. Carbide tools need heaps of horsepower and very rigid machines to use the stuff successfully. You're far better off buying HSS as a "stick" when you need it.
I find it is very economical to buy 3/16 sq. ($7.00 per 3" length) HSS. Sure. it is small but you can take a 3/16" deep cut in steel when you have to, albeit, not at high rpms.
It's not hard to make a custom tool holder for this size tool steel and it would make a great project for later when you become proficient with the lathe.
Always buy top quality HSS for machining.
A lathe with a "V" bed is probably the best for long life and long term accuracy. The "flat" bed is best as you can use it like a surface plate, ie, measure from a fixed surface and heaps of other things.
Most of all, you want a bed that is hardened. My Myford is flat bed and soft. After 40 years plus, it is showing some wear but not critical for most jobs.
Being an "Imperial" person, I would make sure that you can get an Imperial kit to add to the lathe. This kit consists of an 8 TPI leadscrew plus the various gears to set it up. It is far easier to cut Imperial threads on an Imperial lathe set-up than metric threads on a metric lathe.
A long Cross Slide and long C/S travel is worth your last drop of blood, especialy if the slide top surface comes with "T" slots.
There are lots of accessories that make lathe operation so much easier and happier. Most of these can also be made by you and the $ savings are huge. I have lots of drawings for accessories from a book I produced in the USA that will give you all the details and design. These were drawn for beginners in machining when I worked as an instructor at a college.
Dont buy a small cheap Chinese chuck for a lathe. Many of these cheap chucks have a "thread" on the jaws that is very thin and weak. The "threads" snap off and the chuck is destroyed. Save up, (rob your wife or husband, no! dont do that

) and buy a high quality English chuck like a Burnard (Burnerd ?). You will never regret spending the extra money. I have a 4 inch 3 jaw and a 6 inch 4 jaw.
Keep in mind that
a "7 inch" lathe will only alow you to machine the extreme ends of a 7" diameter round job.
A 7" lathe can only swing a 4" dia. job over the cross slide and alow you to work on the middle section of the job.
A lathe that will accomodate 18" between centers will certainly do all your general needs and is much cheaper than a longer model.
Trying to produce threads with taps and dies is for the most part, difficult to do with accuracy, very frustrating and can be expensive to buy. When you have a thread cutting lathe, you will almost never use a die.
users.tpg.com.au/users/p8king/tl4000.htmhttp://www.myfordmachinetools.com.au/