I got back into diving in 2005 after taking some years off. Just to get going again, I bought the "bottom level" setup. After a year, I sold the BC on Ebay, for about what I paid for it, and the regulator was a keeper. If I had waited a year before buying, the rental costs for gear would have been something like $800, and that would have been money down the drain. I had a blast diving with my co-workers, too.
Dive gear is not like other purchases. That $90 tire on a car will last twice as long as a $45 tire. A $4 box of cereal contains more than twice as much as the $2 box. After years of diving, I've learned a bit. Paying double-price for premium gear gets stuff that's a little better, but it is not "twice better". All of it is safe and useful, unless you are doing something really extreme.
Welcome to diving, and have fun!