Ben
All the advice above is good advice but if you want to get started, don't have any wood,etc etc. Get yourself a 2"x 8" piece of construction lumber2x8 at Home Depot. Cut a piece 5"x5" square. Use a compass and draw the biggest circle you can get on this piece. If you have a band saw cut the circle out. Install the faceplate with the wood on the lathe. Use any kind of gouge and turn the mini lathe on and begin turning slowly.That is how I started turning just over a year ago with the same set up you have. If you turn this one block nice and round, then cut 3 blocks and glue them together and dry then put on the lathe again and your ready to try your first bowl. If you know how to turn a spigot on the tailstock end, do so then shape the outside of the bowl. Turn the spigot and put in your chuck and turn out the center. This will keep you busy learning for a while. I can't think of an easier and cheaper way to start turning and your not ruining good wood. Later you can try turning wet wood. Build some confidence before doing anything else. I made some beautiful bowls using pine lumber. Only thing you don't want to do Ben is to sit back and not do anything but think about turning, no one can learn for you, you need to learn by trial and error if you can't go to classes or have turning friends. It's easy, it's fun. Work safely. If you want take a look in my gallery, just click on my gallery and see some of the stuff I turned on my lathe in the past year. The bigger turnings were on a Nova lathe but the littler ones were turned on my mini Jet. If you still don't know what tool to start with go talk to a salesperson at Woodcraft tell him what you intend to do and ask what tool would be best for you to start with. Good luck man and I hope this helps you a little bit. If it does and you have questions you can message me with them if you want. Good luck, Mitch