You would suggest picking up a Doublestar M4 from Bud's for $669 shipped. That should leave you enough left over to pay a local shop for the FFL transfer and then you have an excellent start AR-15 for under $700.
http://www.budsgunshop.com/catalog/p...os.+Stock+.223
I had that exact same gun with a detachable carry handle and it was awesome. I sold it in a fit of madness but I have replaced it since then.