I agree with wraithy and most of the others in the fact that it is fairly cost prohibitive, but so is any other scenario where you're trying to reproduce mother nature fairly accurately for an animal you wish to keep.
I don't agree, however with the fact that it takes so long to setup. I have set up many nano, micro, mini, small, medium, large and jumbo reef tanks, as it is my career. I own a live coral farm. It all hinges on buying quality products from quality people. Integrity is key. And DON'T MIX ADVICE!!!! That is the best peice of advice anyone can ever give you! You won't get a tank like one of mine by doing what Jo Schmo is telling you to do, and vice-versa. Pick someone's tanks you like and listen to what they tell you.
I have built many reef tanks that are beautiful, for others and myself, that I've put corals and fish in within 2-3 days. Get quality CURED live rock from a reputable dealer, or cure it yourself in a garbage can with salt water and a powerhead for circulation. DON'T cure it in the tank. You'll know it's mostly cured by the sniff test. Then you can run an amonia test. If you're buying "cured" live rock from a local dealer/shop, ask them to run an ammonia/nitrite test in front of you with a quality test kit. If they don't have anything to hide they won't be offended, they'll actually give you kudos for thinking of that. There's tons of things I could ramble off to you aimlessly. If you have specific questions I'd be more than happy to talk to you about them. You can also check out my website where you'll find how to get ahold of me if you want to talk on the phone (instead of getting carpel tunnel syndrome). Have fun, and good luck!
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Doug.
0.1 Veiled Chameleon
1.3 Ambanja Chameleons
1.1 Blue bar Ambilobe Chameleons
1 marine reef aquarium (home)
1 marine aquarium store