Hi Koastal,
Welcome to the t-shirt forum.
I use an Epson stylus photo 1400 (SP1400). I have been very happy with it so far. It has wide format printing, so works great with
JPSS 11" x 17" transfer paper. It comes with Claria dye ink, I have been happy with the transfer quality so far but I also purchased a refillable cartridge system from inkjetcarts.us. The kit I bought comes with pigment ink, which a lot of people on this site seem to like for transfers. I haven't tried the pigment ink yet, I'll probably use up the OEM ink 1st then switch over.
The printer was about $200. on sale at Officemax a couple months ago, but look around for your best deal. The refill kit was under $150.00 if I remember right. This should put you within your printer budget.
As far as the heat press I have not heard good or bad about that brand.
Good luck on your new business!