I have a tiny little craftsman lathe, 6x18". I found it in a metal scrap dumpster missing the chuck, motor, and needing a bit of cleaning. I am slowly collecting bits to make it run, but I'll probably sell it to raise money for a real machine tool. It's not really suited to working steel. I have a wood lathe of similar low quality. I can hardly wait until both are gone and some heavy old American iron is brought into the shop.
There is lots of good info here:
Griffiths Engineering