Welcome!
Ask away, although I know that knowledge is the key towards asking good questions.
I consider loudspeakers as the most important component. Suggest active monitors as the best solution. JBL 305 Mk2 (2-way ported desktop sized, $300/pair) are wonderful, Dynaudio BM5 Mk3 are slightly better but more expensive, JBL 708P (larger 2-way, much more expensive) are killer and room filling, Buchardt A500 (slightly bigger than 305 Mk2, way more expensive) are for me the end of the road in terms of performance and flexibility.
The room is my second highest priority. Avoid small/squarish/shared spaces. My dedicated basement room is 8ft x 13ft x 21ft (perfect Golden Greek Rectangle, see Cardas website) and is well insulated. I've added ten GIK 244 absorption panels and three tall bookcases for diffusion.
For source, you can't beat CD quality streaming services such as Tidal or Qobuz. Millions of albums available, no storage needed.
