Studio Photography questions

[buster84]

Im very new to Photography and im taking classes for this here soon at my collage. I bought a canon Xti and a 1.8 50mm lens for studio photos. I have a nice size apartment and would like to have a setup i could use for family and friends. I always see alot of nice photos with different backgrounds and i found out there backdrops. I going to buy a backdrop stand from a camera store here soon. But my main question is im pretty good with photo shop and i was thinking of buying a green screen and then put in my own digial backdrops? how does this look? Is it better to photoshop or have your own backdrop? Ive looked at a couple but they seem expensive about $200 a backdrop. Whats the cheapest backdrops out there? Im not looking for anything to fanzy just some basics, like the ones you see from prom photos or something. I know theres different types of fabrics i was wondering if you need to iron them or do they not wrinkle? I was thinking of purchasing a lighting kit from my local shop as well, but i was thinking would buying a bigger flash for my camera be just as good or stick with the lighting kit from the store? Thanks for all the info anyone can provide.