Look for the dedicated liverpool thread.
Well in the first season you will struggle to make a profit due to not being in europe.
Id suggest selling Cole, Carroll and Aqua to free up 250k a week in wages. Thats over £1M a month saved.
Ask your board for extra funds, they usually will give you some extra around November (around 15M).
Buy any talented youngsters you can.
Main priority is a Striker and Right winger.
Try Erin Derdiyok and Kiko Femenia.
Next priority is a CB unless you feel Kelly and Wilson are up to the job of replacing Carra after a season or 2.
Another one to keep an eye on is Andrea Poli as a sucessor to Gerrard.
You wont need to break the bank for any of those players and all are as good if not better than the current liverpool squad.