bikash mahapatra

Is it possible to play semi-professionally with a cheap guitar?

Yes, but you risk being taken for a professional if you do.

In the rock, jazz and blues world:

If you see people playing extremely tightly on cheap equipment, they are probably professionals.

If you see people playing tightly on a mixture of expensive and cheap equipment, they are probably semi-professionals.

If you see people playing pretty tightly on expensive equipment, they are probably amateurs.

If you see people playing poorly on expensive equipment, they are almost certainly hobbyists.