. . . I was talking with my local record shop owner and he said a good high-end set up would cost a total somewhere between the $1200 to $1500 budget range so that was where my mind was budgeting for. . .
from my understanding I would need the following:
An Upgraded Turntable
A Receiver
Speakers
Shelfing
Any suggestions on what to get?
There are lots of different ways to go at your stated budget. If it were me, I think I'd start with a Marantz PM6007 integrated amplifier. It's not a receiver (it does not include a radio tuner), but it's the lowest cost, most highly acclaimed amplifier that I know of. What HiFi, comparing the Yamaha A-S501 to the then-current PM6005 said:
"However, the A-S501’s composure falters a little when things get complicated. It starts to sound just a touch confused, losing track of subtle instrumental strands as the piece really gets going. Let’s make this clear; it doesn’t fall apart, more that the sense of control and stability is diminished as if the amplifier just can’t quite keep up. In direct comparison something like Marantz’s PM6005 sounds much more settled and confidant. Dynamically it’s a more exciting listen too."
That was a couple generations ago for the Marantz, and their reviews of the PM6006 and PM6007 show improvements for each new model. A friend of mine has, I believe, the PM6005 (though it might be the PM6004), and it sounds great driving his B&W CM5 speakers. At $699, that eats up about half the budget, but I think it's money well spent. A separate radio tuner could be added, though for many years now I have gotten my radio entertainment (talk shows, ball games) from a C. Crane CCRadio 2.
For a turntable, my feeling is that truly superior sound can be had in the Rega Planar 3, but that's not going to fit the budget. The $475 Planar 1 is probably the best-sounding unit in your price range, but if you have a desire to play around with different cartridges, its non-removable headshell makes that difficult, and when those flying leads break, it's a fiddly or expensive thing to fix. Not that you couldn't do it yourself if there's no dealer you're working with to do it for you, but cartridge swapping has higher risks than on something with a removable headshell.
Another option could be the $399 Music Hall mmf 1.5, about which Steve Guttenberg wrote, "The mmf-1.5 may not have the gutsy bass brawn of a big direct drive turntable like a Pioneer PLX 1000 ($699), but the mmf-1.5 wins on finesse and regularly occurring musical epiphanies that make it hard to stop playing one LP after another." One reviewer said of cartridge upgrades for this model that a $329 AT-VM740ML didn't sound as good as the stock Music Hall Melody cartridge, but the $99 LP Gear The Vessel A3SE "proved to be a better match and took the performance into a different league, knocking on the door of some more expensive turntable/cartridge combos."
https://www.post-gazette.com/busine...table-worth-every-nickel/stories/201802040045
Another well-regarded model is the $249 AT-LP120XUSB. I bought one last year for 78's, but I've been surprised at how involving a listen it provides for LP's, too, particularly after I relegated the stock cartridge to 78 rpm duty and mounted a $79 Sumiko Oyster on another headshell for LP's and 45's.
Speaker choice depends so much on your room size and configuration, as well as your own ears and tastes, that it's hard to give a firm recommendation. For a budget speaker, I really like the Bose 301 series v ($328 per pair, plus another $90 for the stands). In my previous apartment, I could set them up properly to take advantage of their rather unique design with the extra rear-mounted tweeter. They were a better match for that room than my much more expensive Vandersteen 1C's were. In my current listening room, I can't place the 301's properly, and the smaller Bose 201's actually work the room better than their bigger brother.
For shelving, there's nothing wrong with the tried and true dorm room staple of bricks and boards from the hardware store. I've used that kind of shelving for over 40 years, though I did find improvement with an isolation platform to put under my turntable and have also used a dedicated turntable stand. The isolation platform I bought is no longer being made; it was something a previous Linn importer arranged to have made specifically for the LP12, though I have found it to give improvements to a Well Tempered as well as my current Rega RP3. One of the things that platform helped with was having adjustable feet to get the turntable perfectly level; the LP120XUSB has height adjustable feet to take care of that particular issue. I don't know about the feet on the mmf 1.5, though the manual states, "The rubber feet have been specially designed to isolate the unit from excess vibration. The feet may also be used to stabilize the main body horizontally." It might take a call to a dealer or the importer to see if the word "stabilize" includes the ability to use the feet to level the turntable.