I'm interested in getting setup to do Cerakoting as a way to make extra money on the side as well as doing a few of my own firearms. I already have a small sand blasting cabinet but need an over and spray gun. I'm trying to not invest too much at first as I'm not sure how the market is in my area. Any advice would be greatly appreciated

Best way to keep it cheap is to find an old kitchen oven or just make one. You can make them under $200 or so and it do everything you need. Be careful if you go the kitchen oven route as you'll need to test for temperature consistency all around the inside as well as hot spots, or the coils proximity to your work.

HVLP guns are simple, you can find them anywhere, just make sure you have the right size tip. Alternatively you can go the airbrush route too.

There really isn't TOO much needed to get it done. Just start practicing as much as you can, then maybe approach local shops and see what their interest is. Just be aware that you might need to invest in an FFL as well.

Believe it or not a lot of people like having their Yeti tumblers Cerakoted around here so I'll do that first and see how it goes.

Same thing around here. I've done large orders for Military Units, Police Departments, gun shops, etc... They're quite popular now, especially the Rtic and Mossy Oak brands. Plus a few others found around Walmart.

I have read that the airbrush route might be the way to go for beginners because it's easier to get a very light coat with no runs. Is this true? I am going to run whatever gun off a 30 gallon shop compressor. What type of air regulator do I need for this? If I go HVLP do I have to use a regulator too?

HVLP and a regulator makes things easy to adjust and stay adjusted.

I use this one...
https://www.amazon.com/16573-Accuspray-Flow-Control-Valve/dp/B0054S5LKM/ref=sr_1_2?ie=UTF8&qid=1477361537&sr=8-2&keywords=3M+air+HVLP+regulator

For an oven... I'm using an old electric BBQ smoker from Lowes. Keeps temp right at 250. It's not too large, but it's also not very efficient. I've been able to cure just about everything except long barrels with it. It's one of those cylinder models with the electric heating element in the bottom and I've used it for cerakote for a couple of years now with great success. My model also has an adjustable thermostat and I've been able to keep temp at 150 to cure polymer.

For my next "project" I'm going to build an oven out of a steel gun cabinet:
http://www.artofthegun.net/how-to/2014/7/9/how-to-make-a-cerakote-station-in-your-garage

I use the cheap HVLP spray guns:
https://www.amazon.com/gp/product/B000EX0EYU/ref=oh_aui_search_detailpage?ie=UTF8&psc=1

I clean it with acetone after each job. I haven't had any issues with it.

The key to a good paint job is surface prep. You'll spend more time degreasing and blasting than you will painting. That's where the smaller compressor will suck. It'll take longer to get things done. Don't forget the air-oil/water separator and a good mask. I like the 3M masks, easy to breathe and comfortable.
https://www.amazon.com/3M-07193-Paint-Spray-Resp/dp/B00079FOK0/ref=pd_sim_60_6?ie=UTF8&psc=1&refRID=6W1S4GN27WE393NSV17P

D

Excellent advice. Thanks. I was actually planning on using an electric smoker as well.

If you do some research, all signs point to KG Gunkote being the superior surface coating for several reasons.  I've heard it is cheaper too.  Might wanna go that route instead of Cera

I know guys have used cheap HVLP guns with good results. However, I think since prep work and the gun are the two vital components to a good coat, I would pony up and get a good gun.

Properly maintained (not cleaned with acetone! Use gun cleaner) it should last a long time.

I love my Iwata LPH80 (0.8 tip). You can buy them from companies in Japan on ebay for about $100 less than you can find them in the US.