Flies for the three mentioned species are usually small and fairly easy to cast. An 8-weight fly line will do the job when matched with a rod designed to cast an 8-weight line. Since rods range widely in terms of price, I suggesttalking to a good fly-fisherman in your area and getting his rod suggestions. Try casting a few of your friend's rods, if possible, before making a decision. Reds, trout and mackerel don't run long distances, so a moderately priced fly reel with a light drag that holds a fly line and 75 yards of backing will do the job.