You can fly this for about $500 total investment:

http://www.raidentech.com/3dgi20240nig.html

You can buy the plane here for $89.00 and have it shipped FedEx Ground for another $10. Thats $100 for the plane.

Put this engine in it:

http://www2.towerhobbies.com/cgi-bin...?&I=LXUR78&P=0
Thats $90 for the engine.

Use these servos for the ailerons and elevators (4 servos):

http://www2.towerhobbies.com/cgi-bin...?&I=LXH296&P=0
Thats $120 for the elevator and ailerons servos

And this servo for the rudder:
http://www2.towerhobbies.com/cgi-bin...?&I=LXH299&P=0
Thats $52

And this for the throttle:
http://www2.towerhobbies.com/cgi-bin...?&I=LXH290&P=0
Thats $25

We're up to $385 so far..............

Let's get a reciever for this baby:
http://www2.towerhobbies.com/cgi-bin...?&I=LXN533&P=0
Thats $52

And a battery:
http://www2.towerhobbies.com/cgi-bin...?&I=LXLX49&P=0
Thats $20

You need 5 servos extensions 12" each:
http://www2.towerhobbies.com/cgi-bin...?&I=LXL291&P=0
Thats about $23

We're up to about $475 so far........

You need to replace the wire main gear with a good set of aluminum gear:
http://www2.towerhobbies.com/cgi-bin...?&I=LXSF60&P=0
Thats $12.50
You'll need to cut about 1" off each side to make it fit the fuse width,,but it takes about 2 minutes with a hacksaw. Use 8-32 X 3/4" bolts and blindnuts. You'll need to install a larger 1/4" hard ply plate in the belly of the fuse--to bolt up this gear, but trust me when I tell you that you don't want to use the stock wire gear.

The tail has a wire skid and it's difficult to stear on the ground. So........

You need a tailwheel:
http://www2.towerhobbies.com/cgi-bin...?&I=LXFV47&P=0
Thats $7.50

Thats about $495 to get this bird up and flying.

You'll need a few other things--but I'm assuming you've got some thin CA and other building and assembling tools.

How does it fly?

Like SEX!!!!!!!!!!!!!!!!!! It's AWESOME!! I was hovering on my second flight. I'd NEVER tried 3D before flying this plane. Hovering on my 2nd flight and torque-rolling on my 4th flight.

Harriers around the 10th flight. It is pretty darn stable in a harrier. Wing rocks a little bit--but it's very easy to correct.

It does tuck towards the belly during knife-edge flight, but it's so minimal that I don't even mix it out. I just fly it.

It does blenders. Doing a Wall/Terminator is absolutely SICK. You just slow it down a bit and then HOG on the elevator. It will stop dead and POP right into a hover without snapping. Gotta be quick on the throttle

I love this plane. And it's CHEAP to fly. I made a few mods to mine. I'm actually on my second one of these planes. I ripped the FW out after about 75 flights on my first one. On this one--I cut the FW out with an Exacto knife. Took about 2 minutes to cut it all out. I traced it and re-cut a new FW on 1/4" hard-ply. Expoxied it in with plenty of tri-stock and it is SOLID.

The main gear needs to be replaced, and I figured that into your budget.

I mounted my engine sideways on the first plane and threw the cowl in the trash. It was kinda ugly without a cowl.

On this second plane I'm mounted inverted. It just barely fits inside the cowl, but it fits.[:-] I'm using a RamTek on-board glow system--because the engine is inverted. Thats an additional $42--but worth every penny.
http://www2.towerhobbies.com/cgi-bin...?&I=LXDZ82&P=7

Buy a bottle of Monokote Trim Solvent. The covering looks cool- but it's cheap Chinese covering and it likes to come un-stuck on the corners and seams. I just wipe the oil residue off and slap it back down with some Monokote Trim Solvent.

It's my favorite little 40 size plane. I'm flying at 8000' and hovering this plane at 1/2 throttle with a Pro Zinger 13-5 prop and 5% fuel turning 14,000RPM

You could probably get away with a smaller engine at lower altitude. But, most of the 60 size engines weigh as much or more than the .75 engine--so why not go for the HP if your gonnna have that much weight on the FW???? It's cheap enough--and they run pretty darn good. I own 2 of the TH .75 engines.

I'd buy the .75 engine and go easy on the throttle stick. You WILL ABSOLUTELY tear this plane apart with that much power in Reno---but not if your sensible about how you handle the throttle stick. Aren't you about 4000' or 4500' elevation??

As I said, I'm hovering at 1/2 throttle up here at 8000' elevation. I can shoot out of a hover in a hurry. It goes straight up and it gets really small--really quick. I NEVER use full throttle--except when I'm going vertical. Even then, only for a 3 or 4 second burst. I'm afraid that I'd rip it apart if I slammed the throttle and held it for very long.

I beefed up my LG and my LG mount. I replaced the FW with 1/4" hard-ply. I added a steerable tailwheel. And I put WAAAAAY too much engine on it.

It weighs 5 pounds with an empty tank. It lands at a CRAWL, and it does all the 3D I can muster--which ain't much BTW[:-].

If it's not overloaded at 8000' with this setup--imagine how great it will fly where you live--in all that thick, dense air[&:].

And it costs about $500--$550.