One tool/machine to level up a moderate shop

[Jacob Plicque]

I suggest getting a surplus mill or lathe from a regional machine shop or manufacturer or workshop enthusist. We have three machines (two free) with a complete set of tools with a total investment of ~$1K plus a trailer rental for a 300 mile one way travel. It can be done on small budget like yours. Our equipment ranges in age from 20 to 40+ years but they are in full working order. Each unit has some quirks/idiosyncrasies which can be overcome by testing and measuring the results.