[font=trebuchet ms]For your budget, you may want to go for a used guitar. 12-strings are harder to build, so they tend to be more expensive than their 6-string brothers.

When you get one, buy a capo as well. Tune the guitar down a full step to D, and put the capo at the second fret. This reduces the string tension enough to make a big difference in the guitar's life expectancy. Unless the bridge is exceptionally strong, or the guitar has a trapeze-style tailpiece, the bridge will inevitably start to tilt towards the neck because of the string tension. You can see this happening on old guitars by looking for the appearance of a 'belly' between the bridge and the end of the body. As the bridge tilts, both the intonation and the action get progressively worse, until the guitar becomes unplayable.

That should never be allowed to happen, but you see it a lot. >sigh<[/font]