Beginner Grow Help!

I'm really interested in growing marijuana, I've done it a couple times before and failed, but only with bag seeds, dirt from outside and really no knowledge or idea of how to grow, well now I've educated myself a bit on it, I need your guys opinion on if my setup will be okay to grow in. I have Miracle Gro Organic Potting Soil (couldn't find fox farms anywhere near me) 12 40W (2700K) CFL Lights, And 5 White Widow Feminized Seeds. I only plan on planting 3 of them. My grow space is a closet, its kinda smallish, but I think it'll be good. I don't plan on buying nutes because im pretty sure the MG soil has time released nutes in it (I know that's not so good, but a lot of growers said its fine) Do you think this set up is good enough? im on a pretty tight budget, and also, should I line the closet with aluminum foil for reflectors? Im trying to get a pretty good yield (3 - 8+ Ounces) But im also trying to harvest in about 3 months (4 - 5 weeks veg, 8-9 weeks flowering) then I plan to dry for a week and cure it for about a month. My goal is 4.5 months total. My main worry is the lights, I heard that 40W CFL's are good but I would think there not as affective as a HPS light, but HPS's are really expensive (100+), so is it possible to get an alright yield and good quality buds with this setup?

Twelve 40W CFL's get pretty warm. If your closet is "smallish", you may have heat issues.
You didn't mention ventilation; moisture is generated from evaporation and respiration. Warm moist air in a room with no ventilation is a home for mold.
Cover the walls with flat white paint instead of aluminum foil to avoid hot spots.
Miracle Grow soil is fine for veg but I'd suggest using something different for flower.

I have a bag of fox farm ocean forest shipped to my door for $20.00 from Ebay. Yes flat white paint is cheaper and better. CFL's (23 watt) will do the job if you keep them within 2" of the plant. Problem is the more you add the hotter your little area gets. 3 plants will require hundreds of CFL watts to flower effectively.

first you need some better soil, i know from experience that miracle grow will be too hot for most strains, its very high in N and have seen it cause LOTS of problems especially in flower. as for the 40W CFLs they are good enough to get decent buds but not good enough to get near the weight you want really. the best way to go on your shoestring budget would be go to home depot and but a couple T12 florescent fixtures, ive used them and had decent success before, best of all i think the last one i got i payed like 15 bucks for

I agree with bubba, miracle grow is not the best soil, too hot, for lighting your best bet is T5 HO fluorescents,
That's what I use and they work great, cheep price and low on elect, don't forget, 6500K for veg, 2700k or 3000K for bloom.

SOIL - "Promix HP" ($25.00 for a huge bail)
NUTES - General Hydroponics Flora Nova Gro & Bloom ($30.00 total for a pint of each)
LIGHTS - 400watt cooltube mh/hps system with HPS bulb included ($135.00)
TENT - 3'x2'x5' ($90.00)
FAN/FILTER - Ventech 4" 190cfm inline fan/filter combo ($120.00)

With that your fuckin set man, start saving. U can do cheaper setups and DIY stuff, but all that right there for $400.00 to your door in 2 days, boom why not, and u can upgrade your grow from there over time.

With what you have just worry about the heat issues, its all about experimenting. Id tone it down with the amount of bulbs and get more powerful ones to help with the heat. Airflow is key for the plants alone, but will also help your heat issues if u can figure something out.

I did 3 plants in a 3x3x6 tent with the light going no airflow, turned out fine. but when my buddy hooked up a ventilation system during the winter with the cold air coming in and a 1000watt with the same strain.... OH MAN! HUGE difference.

I used to use the flora series but as time goes by it got too expensive, especially you use less grow and more bloom so you end up constantly buying more bloom, I then switched to GH Maxi grow and maxi Bloom, works great and last longer.