Do you have SEO knowledge? If not then I would say to start learning, go to digitalpoint and buy some decent site after some keyword research, etc. Invest around 30% of the price of that same site into link building and getting a GOOD SEO to check it out and fix on-page issues and pushing better conversion rate.
After that happens and you start link building, improving the site and some Conversion Rate Optimization, you should have a steady source of income that will eventually make up the initial investment, Once you have 3-4 properties just like that, hire an SEO and copywriter full time to update your sites. Audit their work every week and also sometimes in a spontaneous manner. This will keep them honest and working.
After that you should have enough SEO, SEM and BHW knowledge to just expand in different ways. My advice is to take things slow and steady. Once you learn how to make $100/mo and with your initial budget you will be able to do wonders in no time.