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Astrophotography for $500... I hope you already have a camera!
With $500 you could get an 8" dob and take pics of planets and the Moon afocal by pointing the camera down the eyepiece.
You could also make a barn door tracker or take tripod photos of the milky way. But that's about it.
Decent EQ mounts with dual axis drives start at $600 for a little one and go up from there. Not including the scope so your options are limited.
Deep sky astrophotography is not cheap.
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