Check the newbie links which provide a lot of info:
BASS FORUM LINKS (Newbie Links): PLEASE READ BEFORE POSTING NEW TOPICS
You are better off if you can actually see and try out basses. The type of music you want to play will also tend to point you in the direction of set up.
You should have a teacher lined up who can also give you advice on basses.
At least you are realistic with your budget. You should be able to find a decent starter bass for that amount.