I bought a site, whats next?

Rank it and bring back the investment

You can use 000webhost untill you make some money to buy the host, but it has some annoying ads that they always show when the site is loaded, but as they said maybe a custom domain + blogger would do the job untill you get some money.
GoodLuck

There are usually people giving away free hosting in the freebies section, try that.

You should not use 000webhost if you need SE traffic.

Google $1 hosting if you are on a budget. For hostwinds there are some coupons on ret@ailmenot 1BUCKONLY, DISCOUNTVPS, DISCOUNT99,1BUCKNOW , that supposedly work - test yourself. They are ok nothing special but decent hosting for decent prices. Do NOT buy hosting from hostgator or godaddy.What are you really looking to do? Seems you jumped in the water and now want to learn how to swim...Read the forum and you should fine sth

Since it's obviously your first site, go ahead and use a free host that will accept Wordpress (pick the simplest theme you can find), and use the site as your training platform for learning how to build a site and its traffic. For the next two months, set up your schedule, review the best tutorials (such as the stickies on BHW, or from 'case-study SEO' sites like Matthew Woodward's) on successful blog and link development.

Slowly add 100 quality links over the weeks, then see how well it works as far as ranking is concerned. You'll then have enough experience to proceed with more sites, and with using good paid hosting plans.