Well first of all you need to know how to solder.
Without that, you are limited to buying components with matching connectors.
In addition to mags needing twisted wiring, the baro needs to be shielded from all prop blast and wind of motion. I use an inverted clear plastic parmesan cheese tub. lid attached to frame with double sided tape. lid with a hole in the middle for wires to go through. FC and RC Rx mounted on the lid. ESC wires up through the hole. tub put on for flying. Rx antenna is a small problem.
Understand what failsafe is and be aware that the RC has failsafe and the FC also has failsafe and understand how they are set off.
I always go the cheap route and figure I will get something more expensive if it doesn't work out. So far I haven't needed to go to the expensive stuff. When you get it all working, then spend the money on what you want to look good.
Beware of shipping costs when buying and simply consider that as part of the price. When I quote a price it includes shipping.
These quads are so cheap that I buy several for spare parts. I have about 3 kits plus one flying, and one made for a friend. They have a place for a camera and for mounting FPV / telemetry transmitters. $14 shipped.
http://www.ebay.com/itm/381222779792Standardize on motor size and KV, prop size, and battery cell count. They are all interrelated. I tend to go with lower RPM setups as the sound is not as annoying to neighbors. Buy a spare while you are buying them.
For motors I use 2212 (size) 900 to 1000 KV (sort by price+shipping, lowest first)
Beware that all these inexpensive motors have short stud prop adapters that barely work with standard 10x4.5 props.
Try to verify (maybe a message to the seller before buying) that they have a knurled prop adapter, some come with no knurling and I use a dremel to cut some simple knurls.
http://www.ebay.com/sch/i.html?_odkw=2212+brushless+%28930%2C+980%29Many people like these, but they are a bit more expensive at $12.50 each
I recently got some for $9 each
http://www.ebay.com/itm/4pcs-SUNNYSKY-X2212-13-980KV-Outrunner-Brushless-Motor-for-RC-Multi-rotor-Copter-/321882308687Props that match are 10x4.5 to 4.7 but not 3.8 (all props MUST be balanced before use)
Get two different colors (front/rear)
Buy at very least 2 complete sets
Make sure that the pictures look like the same prop style when you buy different sets, but even different styles of the same size will work reasonably well.
http://www.ebay.com/sch/i.html?_nkw=propeller+cw+ccw+10+%284.5%2C+4.7%29Lipos are 3 cell (3S) from 2200mah to 4000mah
must be 3S to match the other stuff
don't buy them on ebay unless you buy a name brand
don't buy used lipos
I was lucky enough to find some very nice Venom brand lipos on eBay
Lipos from HobbyKing (e.g. Turnigy) are OK and cheap, just get the cheapest ones (but probably not the B grade).
Beware HobbyKing as they are crooks when it comes to fixing their own mistakes.
There are many good brands of lipos and probably even more bad brands.
ESCs:
Get 20A to 30A ESCs.
Buy them 5 at a time for quads to have a spare.
Know whether you are buying ones with Atmel or SiLabs processors.
You need to research procedure and hardware for flashing ESCs
Get the correct flashing dongle for your processor brand, and big heat shrink tubing to cover them back up.
This is a journey of learning.
I buy ESCs for $4 to $5 from eBay, but I know how to determine the processor and just as important the exact model so I know what firmware to flash.
Use an automotive bulb in series with a flight battery when powering them for the first time after flashing. If the bulb lights up you did it wrong. If you don't use this current limited power supply like this, you just smoked an ESC.
If this is too daunting, buy some pre-flashed (SimonK or BLHeli) for about 3x or 4x the price, but that is OK.