Recommendation for analog set for $700

Chayro, thanks for the advice, I agree with you. The only reason I am interested in the Empire is that there is on currently selling locally a bit less than P3-24, and it seems it has good review. but if it is something that requires set up, then I will pass.

It seems I will wait and target for a Rega P3.

Next question is ... What cartridge and phono preamp to go with the Rega? Any suggestion? Assuming I can get a P3 for 300-400, then I am thinking a cartridge ~$200, preamp ~$200.

It's important to have a good cartridge/tonearm match or you won't get the most each is capable of. Personally, I would buy a Rega MM cart, install it using Rega's 3-point mounting system and forget it for a few years. They're fine carts and require no setup in Rega arms.

Agreed that you need to think of a good arm/cart match.

Good advice from Chayro regarding not to buy vintage. A Rega P3 is a very good start, but only buy from a trusted source such as an original owner or dealer. Don't buy an Ebay special that has been passed around.
If you want to compare tables against the P3, consider a MUSIC HALL or PROJECT DEBUT CARBON as suggested earlier.

For that price range, you could buy a Rega P1 or P2 used, plus a Bellari phonostage used. The Bellari sounds good with the Rega tables. Music Hall is also a decent choice, better than the Project tables.