To buy LPs in volume in order to start a collection, and unless you are very well off financially, I suggest you need to find a reliable source of used LPs. Best to buy direct from a dealer; don't buy off eBay. Fortunately for you, you live in NYC where there are a number of suitable emporia. Look in the West Village.
Technics SL1200GR is a fine choice but not the only good choice. It will put out one particular flavor of analog. If you want a digital sound, go digital. The output of a CARTRIDGE is inherently balanced. That has nothing whatever to do with turntables. Despite the facts, for generations 99% of tonearms have been using single-ended (RCA) connections between the tonearm where it outputs the cartridge signal and the phono stage. 99% of phono stages operate in SE mode. If you happen to choose a phono stage with true balanced circuitry inside, then you can re-terminate the cables with XLRs or change the cables for balanced ones with XLR termination. Don't worry about this for another second. I notice that you own an Ayre linestage which probably has balanced inputs and balanced circuitry. You probably should choose a balanced phono stage but if not, there are ways to link the phono to the Ayre, SE to balanced.
I don't do racks.