Just a small space for casual portrait. I already have two light stands, but with the old styled blue bulbs and the reflectors behind them. I also have a few flashes. I'd like to start with low budget and keep the the path open to upgrade.
This is for both digital and film, both color and BW. I process my own films.
Two strobes with modelling lights - or incandescants with the proper bulbs and filtration-not critical with C41 film; a backdrop, maybe a chair, and about 10~ feet of working room.
I've made some nice portraits next to a north window, but you may want different lighting than this gives.