I was Liverpool and didn't buy anyone of note in the first season, well first transfer window.
SELL Downing and Cole. They are both on too much money and you can get £12m for Downing. Only got £4m for Cole but it saved me his 90k p/w!
I found that Reina, Johnson, Skrtel, Agger and Enrique to be a solid back 5. Use Kelly and Robinson for cover at full backs and loan the other kids out. Carragher is a bit slow but is ok cover, Kelly can also play CB.
Lucas is a very good holding midfielder or in a defensive role at cm. Gerrard I didn't get too much out of, even though his stats are very good, but he played a 7.1 in the first season. Allen and Henderson are good enough and get better with each season, just sold Allen for £16m in 2015. Henderson is worth £18m:O. He still doesn't start as I bought Wilshere cheaply off Arsenal, £17m in second season, he doesn't moan about being on the bench. Shelvey also improves a lot and is now worth £15m I think. Sterling is very raw at the start but is quick and skillful and should be used to improve him. I didn't loan him out as the squad is a bit thin for wingers anyway. I would sell Suso and Pacheco for £3-5m each as you have plenty of centre and attacking mids. Assaidi wasn't great and I sold him for £9m in Jan. So you could probably do with another winger, though im not sure who.
In attack Suarez is very good and although his finishing isn't amazing he gets himself lots of chances and should score 20+ a season. Borini is best as a striker and his finishing is very good for me, though I did sell him for £22m after two seasons. Yesil should be loaned out and you need to buy another striker as cover or even to start. When Carroll come back he is a good target man but nothing too exciting.
Sorry I've not really helped with buying players. Id recommend a winger and a striker who are ready to play now, Ba has his minimum fee as others have pointed out. Dont be in a rush to sell too many players as quite a lot improve and will be worth much more after a season or two. Go all out for Llorente in Jan on a bosman, i pay him £125k p/w and he has a big loyalty bonus and other bonus' too.