All you need for tools are:
-- A grinding tool (a cheap Dremel-type. Buy a generic one for $25 at a discount tool store.) Comes with many bits.
-- A strong desk light. With a magnifying glass is great. I do all my work under a mag light.
-- Acrylic paints. Buy a starter set at Michaels. Also buy three good small paintbrushes. Pay at least $6/apiece. Cheap brushes are unusable.
-- A #11 X-Acto holder and blades.
-- Zap-A-Gap glue, the green bottle
-- Green or white putty, or both
Then start simple with some easy conversion so you don't get discouraged. And restrict yourself to working on ONLY three figures at a time. The temptation is to put down a hard figure and start a new one, and you'll never get any finished.