I personally would not recommend LED to someone that is just taking their first plunge into building a reef. I would go with a T5 fixture. They are tried and true proven, offer great color, strong growth, and are forgiving. With your budget you can buy a REALLY nice 6 bulb ATI fixture. This is what I would buy: ATI 48 Inch SunPower T5HO High-Output Fixtures
Why not led for their first time? I would rather buy an led unit that would out last that t5 fixture and bulbs for years, than to keep replacing bulbs every six months.
Personally I would look into reef radiance LEDs. They are very easy on your wallet and they do a great job, I have three of their units.
But everyone will have their own opinions about lighting. Just gotta find what ya want with-in your budget.
In my experience there is a bit of a learning curve with LED lighting. Don't get me wrong, I LOVE my Reef Radiance Lumentek. I do feel like I have to be mindful of the intensity as to not melt/bleach some of my coral. I just feel like when someone is starting a reef for the first time, there is a lot going on and T5 is easier to have initial success with. Just my opinion.
I looked at both led and t5's and I'm really leaning more on led's and as I mentioned before I have FOWLR set up right now and I want to gradually work my way to having a reef tank but after I researched and learn the know how of keeping a reef tank. Thanks for the help.