Hello and welcome to the madness.
Part of the inspiration for my basement space was for my two boys to hang out and have their buddies over. On the single parent thing, while I'm not one I have the utmost respect for all single parents. I know how hard it is with two of us, so doing everything could easily get overwhelming.
What will help us the most is some more info on your space, more pictures, diagrams, sketches, room dimensions etc. There are many here who love to help. I will tell you right now, scrap the TV and go projector. Now that is settled we can start focusing on the other stuff.
You have now joined the rest of us on this maddening journey we call home theater. Oh, and coming here will cause your life/build never to be the same. Ignorance in the HT sense truly is bliss (and a whole lot cheaper).