with a good carbon filter and the right strain you wont ever smell it. stinkier strains will require a couple air fresheners around the house. if its for yourself figure out how much you smoke in a week, multiply that by 10 weeks (average turn around time), then add 50% cause you are gonna give a shit load away
say you smoke a 1/2 oz a week, you would need to yield 5 oz each run to keep you in smoke. plus 50% you are looking at about a half pound per crop. if you have to start from seed your turn around will be about a month longer.
thats easily achievable with a 600w system. a 600w light plus all the fans costs about $40 a month to flower around here. if you have a reliable source for clones thats the way to go. if you don't, you may want to set up a veg space with a 400w for a mom or three and some floros for a clone tray. you could also use the same basic to run a perpetual grow and harvest about 1.5-2 oz per week.
with the budget you have, even building new cabinets and buying fancy seeds, you could build an awesome setup. the dude is right dont skimp on the lighting and ventilation. also dont get drawn in by the fancy pot growing nutrients. do your research and pick a fertilizer that suits you.
if you give us some specifics we can help you design a good system for fairly cheap. i have a couple basic designs made in google sketch-up that i can post if you like. some important things to consider when picking a space to set up a cab or small grow are ventilation, heat control, access to water, drainage, and access to the plants.