Lincoln makes good products. I have the 180 Lincoln and found it on sale last year for $590. I have never seen it for less, but that's in Canada - we pay more to live here

The 135 Welder from Eastwood is $300: [url]http://www.google.ca/url?sa=t&rct=j&q=eastwood%20135%20welder&source=web&cd=1&ved=0CDEQFjAA&url=http%3A%2F%2Fwww.eastwood.com%2Fmig-welder-110vac-135a-output.html&ei=SBPVToGDOq6u2AXX-5Bv&usg=AFQjCNFe49qWhLSbjXgrTITLPqHINCGZLQ&sig2=D5yWQZBgfpWnlKd0wCE6ow[url]
A 135 will be fine for most uses. I'm sure you can weld up to 3/16" plate with it.
Not sure about your neck of the woods, but here the bottles are owned by the gas company you use and are traded off for a full one. Ask if he gets it refilled, or if he's going to transfer the contract to you.