Hi, and welcome. I have been keeping African Cichlids for years, and just started my first sw tank. I think most here will agree that a 55 is a good place to start. This is where I started and wish I would have gotten a 75 or larger. More water equals more room for error.
As far as cost...so far for my sw tank to get running, I have invested about $1500 or a little more. This has included a used Oceanic tank and stand (look on craigslist.com or local classifieds, you can find some awesome deals on complete sw set ups), live rock, live sand, canister filter (I still might change over to a sump) protein skimmer, heaters, lighting, power heads, RO/DI water, salt, test kits, etc. Don't be scared by all the stuff you need. Buy a little here and there till you have everything.
In my opinion, once you figure out your tank size, build your system around your lighting. Spend the money for good lighting now and you won't regret it later. Your lighting can be a major limiting factor. Check out the forum's sponsors for some good deals.
As far as corals, Framerguy suggested this to me...
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You are right about reefing being different from FW. A few LPS or soft corals would probably be a good place to start looking. Euphylia, caulastrea, blastomussa, Discosoma, protopalythoa, sinularia, sarcophyton, ...that's enough to start with.
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Help me out guys, did I cover a few of the basics?
Hope this helps a little.