This is a feasible strategy, take it at your own risk. Supposing that your budget amount on $1000. Though you’re going to work online and at home, it doesn’t mean that all will be simpler than a general job outside the comfort of your house, except that you are the only one that will administer your work and decide when, how and what to do.
Thing to decide first, if you want to built a site or a blog. Search engine tend to prefer blogs lately, but if you built and run a website regularly updated, with a news script for example, and this happens at the right moment to compete with blog’s system of posting (Cutenews - a good free news script), there will be no differences. Ok, so after you have chose a site or a blog, there are some options: for a site you have mainly 2 ways: 1) built your template by yourself with an editor 2) using some free or professional web design already created, in this last case count at least -$50 of your budget, for a blog it's easier, every blog script have lots of free skins to download.
To have total control of your web space you have to buy a domain, domain + hosting -$100 in average for 1 year.
With a Keyword suggestion tool find 5 or 6 keywords on the base of your site content, that will go in the meta tags of your index page meta keywords content. If your site's theme is make money online, chose keywords searched but with less search engine competition. Example: the key "make money fast free" has 5.540.000 in google.com, not extremely competitive, therefore a good choice; "how to make money" has 62.200.000, hard competitions; "make money real estate" has 10.500.000 results, low/medium competition; "ways to make money" 37.100.000 results, medium/high competition. Etc...
Now that you have a very good looking website start to write contents, news, opinions, and built a few pages on related topics to your domain. Okay, next step, start to introduce your brand new site to the major search engines, and one of the quickest way is submitting your site/blog to others, better if related topic, site/blog. And here comes in advantage the rest of the budget. Site like linkadage.com give the possibility to choose between various categories to pick up an auction (yeah, just like ebay) like this "10 PR 5's only $70 per month. Over 1000 sites to pick from" and reduce almost to zero the risk of being scammed by the opinions leaved by other customers of that vendor you are interested in.
So, supposing that you bought the 10 PR 5's only $70 per month. Over 1000 sites to pick from package and another one similar of $80 for example (before to buy, remember always to check your sponsors site's popularity, PR, backlinks, to ponder on quality/price report) your budget came in help to afford -$70 plus -$80 = -$150 a month, or you can choose different combinations, it's up to you. And for almost 5 months your back is covered. This just to start, then after you're making money, because your site will gain popularity a lot faster than a free built strategy, make some counts and see what best suite your advertising campaign, if you want to keep on paying the same sponsor or change it.
Do not pass the $1000, upper sums of money are an hazard. Takes that one thousand bucks like an initial investment and use no more of them to stabilize a website. Gain popularity is just the begin, to make money online it's necessary to built a project, in this blogs there are some ideas, check by yourself, I doubt that you will not find something useful. Adsense, affiliation ... [next part]