The Phantom is decently priced, but adding in the GoPro, gimbal, video monitor, and video transmitter brings the total rig cost to about $1200 plus. For a lower budget, what is the best live video enabled quadcopter?
Right now, the best video quad in the category you’re talking about would be the DJI Phantom 2 Vision Quadcopter – FPV flight, HD stabilized video, and pretty good flight time (20 minutes or so). It retails for $1,200 so its quite a bit above your budget, but as Todd mentioned your budget is fairly unrealistic.
Another option would be to take a regular DJI Phantom Quadcopter for $480 and pair it with an existing GoPro or a HERO 2 to save $$, buy the FPV transmitter setup for $150 or so, and a cheap gimbal for $100 – looking at like over $700 though, and ideally if you want to use it for real high quality footage, you need a solid gimbal for like $400+.
You can certainly build your own, but to be honest you really don’t save much money at all – maybe a few bucks around the edges, but you’ll make up for it in your lost time and failures. Of course if you want to really learn about quadcopters and be involved in the process, then by all means check out DIY kits – but don’t do it just to save money.
If $$ is a real limiter, buy a Hubsan X4 H107D FPV enabled quad for $200, or a non-FPV Hubsan X4 H107C for around $60. They won’t give you great video, but they’re fun and you can start becoming a better quadcopter flier until you actually have the money for the professional rig!