$500 total to get into vinyl, what would you buy?

I bought an MMF-5 and a Monolithic Sound PS-1 to transfer some of my old records to CD here at my studio; and the combination is really quite good. In fact, I've now got several people bugging me to transfer old vinyl for them too.
The MMF-5 is quite easy to set up; and has pretty decent isolation as well. If you have a preamp with a phono section you will be all set to go. If not, you may want to look into some of the lower cost phono sections, such as Creek. The Monolithic is quite a bit more expensive - about $400.00 - but does seem to match quite well with the MMF-5.
One last item - the MMF-5 that I purchased was a demo unit and I got if for way below the list price. You might find one here on Audiogon if you look hard - or maybe at one of your local dealers. It is a popular item - so I suspect locating a decent lightly-used unit should not be too difficult. Happy listening.

Thanks much for the feedback, this has been most helpful. I should have mentioned that I will be using the Musical Fidelity inborad phono stage in the A3cr preamp, the linestage of which is fabulous. I understand this phonostage isn't great but imagine it will suffice at this level, no?

The Music Hall entry product, with the Marigo TT dots package, is a rocker.