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To get the GPS & sensor features you need you could go with a Naza board, but to stay under your budget, I'd look at MultiWii:

http://www.hobbyking.com/hobbyking/...i_pro_flight_controller_w_mtk_gps_module.html

https://play.google.com/store/apps/details?id=com.ezio.multiwii&hl=en

That's where I'd start. The FPV stuff can get costly, but if you're just doing it for proof of concept and want to stream down to a laptop, you should be able to do it for a decent price. Check out ReadyMadeRC:

http://www.readymaderc.com/store/in...Path=4&zenid=78721f287444736c8213d6844f0a0c25

You might be able to set something up as good as one of these starter packages for cheaper, but that should give you an idea of what you need.

Then take a look at other builds on the internet to see what types of components people are building successfully with as far as motors, props, batteries, frame combos go.
 
I can give you a list, but there are a bunch of builds everywhere that you could follow. All with lists of parts and whatnot.

http://oddcopter.com/2012/12/12/easy-diy-quadcopter-build-part-1-the-parts-list/

Oddcopter puts out good tutorials. But if you want GPS, don't go with the kk board, you should use the MultiWii with GPS or a Naza M so you can do GPS w/ Waypoints.

More:

http://quadcoptergarage.com/diy-quadcopter-build-part-one-planning-parts-list/

http://myfirstdrone.com/build-your-first-quad/

If you search Google for "quadcopter build" or "quadcopter build log", or even "how to build a quadcopter" you should find a bunch.
 
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