looking to purchace my first pair of studio monitors and was wondering if i could get some help. i currently have 300-500 for them but i am willing to wait to purchase them if need be.

I was curious if anyone could first offer some advice by telling me what are good monitors in that price range, but also what i should be looking for in a monitor. what makes a good monitor?

The best advice I can give you is to go to ur local store. Bring an iPod with you, and bump some af Axwells crazy music on them. If they sound good to you, they will be good to buy. Also test other genres of music, like some Dr. Dre 2001 , My Beautiful Dark Twisted Fantasy, some metallica, Radiohead etc.
Btw, you are on the right track if you buy one of the following brands:
Adams
Genelecs
Dynaudio
Krks
Ive also heard good things about the Behringer Truth's, and they are preety cheap.
Axwell is, as far as I have heard, using Tannoy Reveal with a subwoofer. Pretty cheap too.
But when all comes to all Its just as much about your monitors, as the room you are using. The room needs to be treated with things like basstraps on the walls and in the corners of your room. You will hear an enourmous difference. Dont buy them at a store. Its cheaper and better to make them yourself. Check this video out: