50K Cash, 70K in Equity, No Income

[Raimonds Lauzums]

So I was running a business and it just did not produce the results I was expecting, and thus I am liquidating everything. I am also about to close on a HUD home I am buying for cash as an owner occupant which I will be living in. It's assessed at about 70K. By the end of everything, I will have the house and 50K cash.

I have one year proof of income, last year, for 25K. If you were in my shoes, how would you proceed? Average building where I live is about 70K. Average is about 1% gross rent to purchase price. My goal is to get a net worth of 1 million in 5 years. How would you proceed?