I'm certainly no expert but it is hard. It's not something you can just hop on and figure out. In all honesty I would say it's actually frustrating for the first couple of weeks.
I would be more than happy to let you try my setup but I'm in the SA area.
First step is to make sure your PC can run it. Go to the iRacing website, they have a compatibility program that you can run and it will tell you if your PC can run it.
If it can, I see a lot of decent mid-range wheel setups on facebook marketplace for pretty dang cheap actually. I got my Logitech G27 off there for $150. As far as mid-range wheels I would recommend the G27, G29, or Thrustmaster TX. I would stay away from the Thrustmaster TMX. I had that wheel originally. It does not have a removable steering wheel, no H pattern shifter, and the pedals suck. They don't feel good, and no clutch pedal. They broke after 2 weeks. Bought their upgraded pedals with a clutch, they felt better but I prefer the feel from the G27 pedals. Couple months ago the insert that the table mount threads into pulled out of the plastic base so I couldn't mount it. That's when I bought the G27 and I prefer pretty much everything about it.
Once you have a wheel, make sure it is configured properly. Go to the website for whatever brand wheel you get and download the appropriate driver file for the wheel. Your PC should recognize the wheel automatically, but it will not function properly without the right driver. The settings should be pretty close but if you're curious, look at some youtube videos. There is a ton of information on there, albeit a good majority of it is going to be gibberish, at least it was for me.
Once you get in the game, not much I can tell you from here. Again, youtube helped me a lot. There are a literal ton of settings and there is no 1 correct way to do it. Most important things to do (that I didn't figure out until quite a ways down the road) is get your field-of-view and camera position set. In the graphics tab in game, there is a field-of-view calculator. It'll have you measure the width of your screen and how far it is from you. Punch those numbers in and it will set your field-of-view. Bunch of little things that make the game "easier" when set correctly.
I could make this a 1000 page novel but bottom line, get on youtube and be prepared to spend a good amount of time frustrated. It took me a long time to get used to not "feeling" the car with my butt. After a while you start to getting a feeling for what the wheel feedback is telling you.
EDIT: Lastly, if you want to do the iRacing "official" races/series (the races hosted by iRacing, not by other members) you will start in the Rookie class in each discipline - oval, dirt oval, road, and dirt road. Each discipline progresses individually, i.e. whatever your rating is on asphalt oval is completely separate from the other 3. In order to get access to more offical races/series in each discipline, you have to progress through the classes (rookie, d, c, b, a, pro). You progress through the classes by safety rating. You start at 2.5, and must get the rating up to 3 to be eligible to advance to the next class. The rating is like 80%-90% based on how clean you are, not based on speed or good finishes. The most important thing, especially when trying to get out of the rookie class, is to be clean. Every time you hit something or someone, get hit by someone, spin out, go off track, etc it counts as an "incident" in that session. You want to keep them as low as possible to get your rating up. For example, starting 10th and finishing 11th with 0 incidents will improve your rating. While starting 12th and winning or finishing 2nd with 14 incident points will likely reduce your rating. Rookie is kinda brutal to advance out of, even if you're 100% clean you still get hit by other people a lot.