I see threads like this all the time.
They always go something like this....
Ok I want to get into 1000 yard benchrest competition and I would like your advice on what rifle I can buy that can hold 1/2 MOA at 1000 yards and I have a budget of $1000 (including scope).
I mean seriously now. OK this thread has a $$1200 budget for a "long range" rifle, with scope. For $1200 you can buy a Marlin 30-30 and a Tasco scope. It will go 1000 yards so that'll get you started in your price range.
OBVIOUSLY this is not a viable long range rifle but its about as good as a guy will do for the budget. In all reality whatever you get for $1200 is just not a long range rifle. It's just a rifle that can shoot from long range, not that you'd hit anything.
So to answer your question for $1200 the answer is.... NOTHING.
$1200 is a low budget for just a decent scope for long range shooting. Some guys seem to like this scope for a value priced model $400 USD
http://swfa.com/SWFA-SS-10x42-Tactical-30mm-Riflescope-P500.aspx
That leaves you less than $800 for the gun and scope mounts and you wont get much of a gun for that.
You are best off to look on EE for something used.
The cheapest new rifle I could suggest is the Savage FTR and that's about $1200 for the rifle. You could put the scope noted above on it and then you are into $1600. At least you will have something of a start.
The best advice I can give you is to save more money. Good gear is not cheap and you cannot learn from a rifle you cannot trust. There's a minimum entry point. It's just a reality.