Help: Starting from scratch

Any tech recommendations, tips or tricks when designing from scratch or anything that I should include would be greatly appreciated.

Due to some unfortunate circumstances (Water damage and mold) I ripped my basement down to the studs. Good news is that I am putting it back together the way that I want. I don't really know what I am looking for and am open to suggestions. The bad part is this is not a house that I will be staying in for a long time (3-5 years) and am planning on renting out the house to some of my college friends (Who I trust not to wreck the house) so a majority of the equipment will stay as college guys would thrive with this set up. So I am not looking to spend a fortune, but I want to make it respectable as I will be here for a few years still. Looking to stay around $4,000 for theater set up. Here is what I have in mind, tell me where I am wrong.

The theater room is 12x25x7

Speakers - Planning a 7.1.2 trying to stay with in wall, but doesn't need to be

• Main bundle
• Surround
• Height (Atmos)

Receiver- Nothing in mind right now, but speakers support 125w so looking at something with some power.

Display - I keep bouncing between a projector and a 85 inch tv. I think I would prefer projector but the cost for a good projector and screen kinda turn me off. I am about $2k in for the speakers, a good receiver will be about $700 so that leaves me with about $1,300 for the display. I am thinking of the Sony X85 that is on sale for a black Friday deal for $1,200. If there are other speakers that would do just as well for cheaper that would free up some cash for the display I would be all ears. I also would be ok with going a little over but trying to stay around $4,000.

Rip this set up apart! Ready, set, GO!