99% good advice, the one thing I disagree with is not spending on the draft. I would spend $10,000 a week to get two sightings. Seeing as you are in DIV IV and half to 90% of the teams will be bots your 2nd and 3rd picks can often be money in the bank and the only way a starting out team can really hit the jackpot. My 3rd round pick is valued at $70,000-$400,000 (although I don't really think he is worth that much) while my indecision about what to do with him has cost me a bit he will still pay for my scouting by himself.
For a starting team I think you need 1 solid player at each position, 2 young and good potential trainees and a level 3 trainer right away. You also want a small squad. As I said before somewhere from 11-13 players is best. Next save your money for a while until you can get either an excellent star player, a top trainee or a lev 4 or 5 trainer.