I don't know exactly how much things have changed in the past few years (this is an old thread), but in deciding to toy with portraiture in a smallish 13x16 spare bedroom with an additional 4x7.5' naturally lighted dormer/sitting area I opted for LED continuous lighting. Very little heat, compact setups, 5200K "daylight" balanced, and far easier for me to judge what I'm going to capture with the lights on all the time since I haven't found a pro to intern with. So far so good.
I have blackout shades for the two room windows (one east and one south), and open/close them as needed. Four RPS Coolled variable power lights, a 150W key, 100W fill and two 20W for background and hair. No weird colorcasts either like mentioned with some of the older lights.
A mix of Godox large 31x47' rectangular, 38"octagon, strip w/grid softboxes, beauty dish, and reflectors depending on the session. Two Kupoles and one wall-mounted boom to save floor space, a few used superclamps and extension rods/pins from the local camera store, and a couple of cheap light-stands that came free with the small LED's but work well for homemade reflectors and flags. The total for all the lighting and stands was under $1250. But with this setup I can go all natural lighting, a mix of sunlight and artificial fill, or all studio lighting. And I still have quite a bit of free walk space tho the one big softbox can cramp one side of the room.
TBF I did add a couple of unnecessary but useful perks, one of them a wall-mount tethered 4:3 monitor for the model to follow shots as I take them. Even that was less than $60 including a cheap swivel-mount bracket and micro-HDMI cable. Between the lights, a couple of arms/extensions and modifiers, a 53" paper backdrop 3 roll holder (using two), a couple of 8' backdrops with a ceiling mounted rod for full body/couple portraits I've invested about $1600, and I've got a
very adaptable space. I won't be shooting any group shots, but for singles and couples it works pretty well. With a little planning full-body poses are very doable even in this small space.
Anyway, using only the studio lights with the windows blackened I can shoot a *55 or Bower 85 up to F5.6@100 and still keep the ISO at 400 with the careful light placement. Typically I use F3.5 (but sometimes 3.2 or 4.0) which allows for 200 ISO and still a little wiggle-room on DoF. Augment with some natural lighting and I'm golden at faster speeds/higher F-stops. I'm certainly not professional and the home studio is for fun, but friends, family and the occasional model working on her portfolio have been pretty happy with the results. I'll guess continuous lighting has apparently gotten much better in the past few years. I've personally found it very workable even in the absence of any window light.
One thing else. So as not to bother my wife and daughter quite so much as de-facto model fill-ins I bought a full-length mannequin from eBay for $60. Pretty realistic, actual eyelashes, basic makeup and lipstick, glassy eyes that reflect catch-lights, two wigs and even somewhat pose-able. "Penny" lets me work on some planned sessions in advance, playing with lighting on a patient piece of plastic which has made things a lot easier and smoother for the less-understanding skin-wrapped ones.
So my wife has taken a real liking to "Penny". If she'd only smile once in awhile...
at least I don't have to clean up behind her.