I'm in the same boat as you, broke but still wanting a nice car.
I chose to buy all the equipment and do it myself because I know the car is done "right" and by the time I get done I will have learned volumes and that my friend is priceless.
One thing to be aware of is this guy who does the work on the cheap still needs to make some scratch for himself so that means cut corners.
Sounds kind of like a bondo king, you know the type, stuff a hole with newspaper and slather the plastic on.
When it comes down to it, you need to ask yourself what you want out of the car?
Then ask yourself how long do you think it will take you to finish it. Then multiply that number by at least 3.
At that point would it be cost effective to rent equipment?