Phono stage for newbie...

Try a tube phono stage. Pro-ject Tube Box /SE, or maybe a kit like a Bottlehead Seduction or Hagerman Bugle.

I would second the Tube Box. I've got one I'm listening to right now. Perhaps not the highest-fi, but a solid performer. Very smooth. It definately won't leave you hanging, and they're cheap.

btw, I have a Rotel 1072 pre-amp that I was using the p-stage in when I first got back into vinyl - do yourself a favor and get an external stage. The Rotel unit isn't up to snuff. You'll be amazed at the difference.

Tube BOX SE just got a very good rating from HIFICRITIC, which does not take ads. Much better than the Graham Slee Revelation + Elevator EXP which was rated at 26 points or the PS Audio which was less than that while the PRO-JEC was 49 points, so it is a real bargain. I am a VPI dealer and I think I will carry then for my customers who don't have phono stages.

I'm currently using a Rega P9 and Lyra cartridge with the Jolida JD-9a tube phono stage. I've had it 1-2 years and it's a real keeper. There's a recent review of it at sixmoons.com as well. They sell new for about $450, well within your budget.