Update readme file to contain technical local setup documentation

[maxmurphySF]

What

• Review and update the project's README file to include comprehensive technical documentation for local setup.
• Outline all necessary steps for setting up the development environment locally.
• Include information on required dependencies, tools, and their versions.
• Document the process for running the project locally, including any configuration steps.
• Add troubleshooting tips for common setup issues.

Done When

• The README file is updated with clear, step-by-step instructions for local setup.
• All required dependencies and tools are listed with their correct versions.
• The process for running the project locally is clearly documented.
• Configuration steps, if any, are explained in detail.