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It’s pretty impractical if you don’t have the space (or are not willing to live in your workspace, which is doable) or the tools. If you’re asking about space to rent, living in a construction zone is probably not something you’re interested in. You can rent tools at Frager’s (not cheap), but by the time you do that and buy all the materials, it will cost you way more than IKEA furniture, which, while not the best quality, is designed for small spaces. Buying custom furniture is also not cheap.
But, if it’s something that you’re interested in anyway, rent the tools at Frager’s, rent a storage locker (you can do work there, right? There’s always weird stuff going on in storage lockers in the CSI/Law & Order shows), and go to town. Pay attention to ALL items on your budget, including paint, paint brushes, hardware, screws, etc (in addition to the tool rental, space rental, and car rental), and see if it makes sense. You may also be interested in IKEA hacks: http://www.ikeahackers.net/