The Star of Something Beautiful?

*Start of something beautiful* Starting off on a strong foot here.

Howdy there everyone!

I have here, a single 55 gallon tank (tempered glass) and a small 10 gallon (unknown material), both were previously used as freshwater tanks.

I'm hoping I can start a whole reef tank setup (preferably without a sump because it's a small room and I'd like to have the extra space.)

As far as equipment is concerned all I have are the two tanks, the single 55G stand (which I made myself) a bag of marine salt (60G worth) and 40 pounds of marine substrate.

I am hoping to keep this as low cost as possible, (college student) that doesn't mean I'm not willing to invest; I just want to avoid added costs where I can.

1. I guess my first question is how stable, functional can this be without a sump?

2. Secondly, any common mistakes that new guys make?

3. And as far as filtration is concerned, live rock and some powerheads? Is that really all that's needed to get started? Sounds too good to be true.

-Chase

*currently unable to post images because of my lack of posts?*