I'm SE and in the process of building a couple from flats. I would recommend for a first just buying a 100% receiver. I would have had mine done instead of trying to acquire more tools. I read up a while before I took the plunge. It seems like a lot involved when you are looking at pictures of the parts kits and all. I had only built AR's until now. You learn alot from demilling the kit. I was thinking the Romy kits were drying up. At least they are compared to what I bought a couple months ago.
Basic tools you will need for a 100% receiver build.
Big hammer/mallet (3 pounder or so, not a 16oz)
Dremel and or Grinder (you will run through some dremel heavy duty cutting discs on the rivets. I Plan on picking up a cheap grinder from Harbour Freight.)
Vise to work off of.
Drill and/or Drill press (things are alot easier with a drill press but you can get buy with just a drill).
misc punches and files
Rivet squeezers (if you want to do a rivet build)
Add the following for 80% builds.
Bending Jig
Welder (spot, arc, mig or tig for the lower rails. Depends on how you want to go.)
12 ton Press (you can get by without)
MAPP or Propane torch for heat treating
Paint (whatever you choose to use to put a finish on the receiver)
I am sure I am leaving stuff out, but someone will probably chime in with what it is. You have to decide how you want to assemble it. Rivets all the way around, or U-drive screws, or regular screws. You will need tools depending on how you go.