Welcome to the forum.
There are different types and sizes. With that budget you have between a 250
(mm from motor centre to motor centre) to a 400. Looking at the way you word things I am guessing you are from the US? If so there are a few laws, mostly when you are close to an airport. Really none you should worry about. Just avoid flying above traffic and people, are good general rules. Check some of the stuff in my signature to learn more. Your budget is similar to mine and I tried to get cheaper than this set by designing and building my own stuff and found I could not beat this price for a
FPV kit.
For FPV I'd suggest closer to a 400. After a FPV kit the biggest bite out of your budget will be the Transmitter to control the quadcopter.
Spektruim (Great quality; Dx6i, Dx6, or Dx7)
Orange (great quality, cheapest on this list, and receivers work with most Spektruim products)
FrySky (makes a good yet cheap 9X probably the cheapest full range 9 channel Tx)
I have used the HKTR6A v2 (Hobby King's) Transmitter and reciever. I have no complaints with it, it is just not really upgradable. It has a range of alot further than you can see, so if you fly LOS, and are over budget it is fine. Here is a modification I made to it to make it cheaper and more convenient. I put a
