First season, look for bargains or stretch your money as far as you possibly can. - Try and be successful too in all competitions. I started off with the 16/18 mill you get at the start of the game.
Summer transfers:- (Regini; Bailey; Valero; Maia; Henrique and Cook) - Only Maia and Cook wasn't involved in playing. Also got rid of Enrique and Lallana (boosts your transfer budget massively. Arsenal usually come in for him) January: - See what you've got left and look for transfer/loan listed players. I brought in Begovic (Loan) and Sane who were in the team and Ruben Barbosa as a future investment.
I believe that Henrique was an upgrade on Toure and Begovic ended up being a huge upgrade on Mignolet and as well as Valero and Sane being a big part of my team helped me as well as I did. I didn't finish top 4, however I think that was because of a fairly small squad, and a run to the Europa league final that did me in. I think first season is all about patience and perseverance. You've got a lot of potential sales in the next summer so work hard and get what you can in the first year. - I got rewarded with 80odd million to spend in the transfer market as well in the second season (which I'm still in) and I was able to sell players like Sakho, Allen; Ilori; Lovren; Benteke; Balotelli; Markovic; Alberto, which generated me another 61mill into my transfer funds.
I'd say start planning for your second season in January, I picked up Rulli on a free, which is why I brought in Begovic only on a loan, as I knew he'd be an upgrade, but also the advantages of playing in the Europa League is that you can keep and eye on who's doing well. I drawn against Ajax in the group stage and Milik (Polish CF) tore me a new one, and ended up 3rd highest goalscorer in the competition, so I signed him.
As you've probably gathered, Liverpool are a re-building team on the game, but I'm finding that it doesn't take a lot to get them to a good standard again, but that depends on how you're going to build after that. I'm in the process of overloading my team with future talent right now, around the key players already at the club.