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12 HP? Someone is pulling your middle leg. 240V?? Minimum!!
It ain't the HP, it's pressure and volume you need. Decide if you have/want 240V in the garage. Dedicated location is fine. No need for extention cords for the compressor (and associated problems, V drop, etc) Air hose is cheap and that's why you are buying air in the first place.
I don't really recommend the beltless type compressor typically sold by Sears, Lowes, etc. They are so NOISY!!
The package deal may be OK, but the tool quality may not be the best.
1) Find the best tools that you know you will use. Write down how much air they use. Leave some margin -
2) Select the compressor with the largest tank you can fit in your situation that has the air capacity plus some for the tools in #1 above.
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