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It's hard to say. Id say it depends a lot on your mad fab skills, or lack thereof. This forum is full of $5k rigs. Some consist of an XJ with a lift kit (me, no fab skills), some have full custom long arms and slider protection/exo cage, with swapped axles (people with fab skills and tools, just pay for materials).
HDoffroad stiffeners
TNT belly pan
BUILT D30/8.25
35" tires / 4.56 gear
custom ruffstuff link kits front and rear
teraflex hi steer knuckle http://www.northridge4x4.com/terafle...FVBlfgodF6kGdQ
rustys coil springs / bilstein shocks
hybrid cage
if you have a welder you could probably get pretty close to that for $5k.. minus the cage
that sounds fun. **** I should build another Cherokee, that setup would be killer
HDoffroad stiffeners
TNT belly pan
BUILT D30/8.25
35" tires / 4.56 gear
custom ruffstuff link kits front and rear
teraflex hi steer knuckle http://www.northridge4x4.com/terafle...FVBlfgodF6kGdQ
rustys coil springs / bilstein shocks
hybrid cage
if you have a welder you could probably get pretty close to that for $5k.. minus the cage
that sounds fun. **** I should build another Cherokee, that setup would be killer
Definitely stiffeners front to rear
A GOOD track bar. Double shear with a frame brace.
I'd do a WJ knuckle swap over the overpriced knuckle. Bigger brakes and better steering. Get OTK from ruffstuff and OTA track bar kit.
RE front coils and BDS rear leafs Shackle Relocators
and 4.88 gears.. Hell revolution even makes 5.13s now and it is the same 2 tooth engagement from 4.88. But they don't make it for a 8.25 so you'd need a 44 or 8.8
Really it's up to how much fab you can do. You can buy a long arm kit or build a 3 link.
Here is my Build, a combination of used and new parts, with spending $350 for the jeep I have a complete total of $5500ish in to my jeep.
Of course if you ask 10 guys how to build your jeep you will get 10 completely different answers.
See post #12 to see how I spent my money so far, with plans eventually of a PHASE II with a Hybrid Exo-Cage and Bigger axles. I got some great deals here and there and some of that dictated my build and change in directions of my build. It is still an unfinished project but I think I have 99% of the stuff in the garage at this point and on the budget. (Thinking about Iron Rock "Almost Alloy" kit, and an Artic Dana 30 Truss so may spend a couple hundred more.)