in my opinion, first of all you have to think about the specification and then fix them... the specifications include,
1. which type of communication system you want to design, simplex(one way communication like TV signal), half duplex(like walkie-talkie) or full duplex(like telephone)?
for example if u want to design FM based communication system, then u have to be clear about it that FM is a simplex system. so, to deploy the full duplex communication system using FM (for two persons), you have to design 2x transmitters and 2x receivers, (1 tx and rx at each side)
2. Then you have to study the govt. rules about the limitation of frequency usage in your area (in Pakistan you can use freely with in the premises of your home)
3. choose the circuit components via internet... for FM, you can use BK-1080 IC for Rx and BK-1085 for tx. or you can make your own circuit (a lot of circuit designs are available on internet.)
4. after designing, test for the frequency response on "Spectrum Analyser" and set your receiver accordingly or you can tune it at your mobile phone to check the frequency.
the tools you need are:
1. any circuit simulation software (like multiSim, proteus professional, or any other)
2. power supply
3. digital multimeter
4. signal generator
5. oscilloscope
i hope it will help...!!