My shooting space is a little bigger than that, but here's my advice.
It depends on how much you have to spend. If you are on a tight budget, I buy 1 Alien Bee 800. (not in pink). With an unbrella, and a reflector. The reflector should be the kind that folds up for storage and has, white, black, silver and gold on it.
With this you can get a "fashion" look by putting the light to one side and using a reflector for fill.
Another thing you are going to need is seamless background. You can get a 9 foot wide roll of white for about $45 at the local photography store. This will make your images look much more professional than sheets hanging in the background.
And don't be afraid to shoot outside. The reflector is great for this. Look at JT's stuff, almost all of it is shot outside and has great fashion and beauty looks. You might consider going to one of his workshops as an investment in your skills.
As for finding models. If you are going to offer the cover of a magazine as a tear, you will probably have little trouble convincing models to shoot with you. Even if the magazine doesn' t have a big curculation. Heck you could probably find decent photographers who'd do the whole thing for you for the tear.
This image was shot with one light and a reflector and its sister was published in Gothic Beauty.