Should I concider a Combo Lathe Mill machines or separate machines; and other stuff.

Another thing to consider is the cost of tooling. If you buy a combo machine it's unlikely any of the tooling will transfer to another machine should you decide to upgrade in the future. If you choose equipment that is more commonly used in the commercial of industrial setting tooling is more likely to be transferable. While tooling for a combo machine may be less expensive per item it's highly unlikely you'll recover much if any of that investment should you change machines down the road.

Collets are an example of transferable tooling. I built a 5C collet chuck for my 1916 Seneca Falls Lathe. This same set of collets will fit my Sheldon lathe, my spin indexer, and my end mill sharpening fixtures.
 
I'm a noob here. and came across this looking up info on mill/lathe things, a couple came up on CL and 1500 sounded a lot better than 4-5k especially for a first machine. It looks like the thumbs down is pretty much the story. I pretty much suspected as much, but it is nice to have the benefit of others opinions. I guess I have to dive in and figure out how to tell a decent old machine from a never ending project.
 
Clint: If your in the market for equipment, you may want to expand your search radius on Craigslist. You're pretty close to my location, and I see plenty of nice lathes in central/southern Jersey, the Philly area and north of Philly. You have to be quick though. I just saw a few machines come on and off Craigslist in a few hours. Right now I'm not seeing many of the smaller milling machines, but they do pop up once in a while.

Another thing to consider is your power supply. If you plan to work out of shed, you have to decide how much power you're going to put out there. That might have a big impact on your choices.

TomKro
 
Like others have recommended, stay away from the 3-in-ones unless someone gives you one: Jack of two trades, master of neither. Here are some lathe and mill options in your general area off CL. I use the search engine www.searchtempest.com for CL searches. Plug in your key words, price range, distance, etc. and up pops the list.

Bruce

LATHES

Looks like an Atlas 10" with 3-jaw for $350.
https://scranton.craigslist.org/tls/d/ransom-atlas-metal-lathe/6804576343.html

Jet 9 x 20, $1000
https://southjersey.craigslist.org/tls/d/williamstown-metal-lathe-jet-bd-920n/6793977753.html

Older Grizzly 12 x 37, $3000 (over priced in my opinion, maybe $2000)
https://easternshore.craigslist.org/tls/d/seaford-grizzly-metal-lathe/6802779276.html

Appears to be a South Bend 9 x 24" is excellent shape and well tooled, $2100
https://cnj.craigslist.org/tls/d/bogota-metal-lathe/6799269720.html

Atlas (Craftsman) 12 x 36 with QCGB, don't see any other tooling for $1050
https://delaware.craigslist.org/tls/d/townsend-craftsmen-atlas-12-inch-lathe/6788571027.html

MILLS

Nice Rockwell mill with 4" vise and other tooling, asking $1900
https://allentown.craigslist.org/tls/d/ashfield-rockwellmilling-machine/6805090408.html

Jet round column, $1300
https://philadelphia.craigslist.org/tls/d/morrisville-jet-jmd-18-milling-machine/6804739157.html

Rong Fu style round column, $875
https://reading.craigslist.org/tls/d/pottstown-r8-xy-table-vertical-drilling/6782506246.html

Harbor Freight small bench top mill, $500
https://newjersey.craigslist.org/tls/d/cedar-knolls-benchtop-drill-2-speed/6801895203.html

Rong Fu round column, $950
https://philadelphia.craigslist.org/tls/d/warminster-rong-fu-milling-machine/6796309623.html

MSC round column, $1000
https://philadelphia.craigslist.org/tls/d/wilmington-msc-milling-and-drilling/6793075047.html

Enco round column, very overpriced at $2200
https://lancaster.craigslist.org/tls/d/lancaster-enco-milling-and-drilling/6789539198.html

Enco round column, $1200
https://newjersey.craigslist.org/tls/d/butler-enco-milling-machine/6785138432.html
 
I have a Smith 1324 for about 6yrs now and yes it takes some time to set up but over time about 15 min to swap and the amount of cut is small. Tolerance is not nanometer but around the house good for me. It would be nice to have separate machines but it depends on what you need and can afford.
 
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