OK, I've just acquired my first HB team. I'm trying to take it all in, and need to set my budget in the next 24 hrs. Any recommendations? So it starts you out setting everything at 10m, leaving you 105m for player payroll. My guess is I need to bump up advanced scouting, training, and health up to the maximum 14m each. I am thinking somewhere around 85m to 90m for player payroll. Right now it sits at 76m taking into account max arbitration losses, free agent signings, etc.

How much should I have for coaches, college, hs, intl scouting, and prospects? Any help would be appreciated.

Since it looks like you are drafting high and rebuilding, I would bump both college and hs scouting to $14m.  Making the most of a high pick is huge.  I wouldn't spend a lot on free agents as you will likely end up with some contrcats you will regret once you learn the game better.  Odds are a bunch of your free agents and arbs are asking for ridiculous money and should be ignored (free agents) or released (arbs).   

Agreed with that. Also bump up your training/medical budgets. You'll want those high as you rebuild.

As a newbie, you'll make mistakes, but try to make sure they're only 1-2 year mistakes, not 5 year mistakes. Have patience during the free agent signing period. After the first couple days, unsigned FAs will start dropping their salary/year demands. You can always find serviceable players who will sign cheap 1-2 year deals.

Your best bet in S1 is to max out ADV/ HS/College/IFA scouting, training, medical and coaching.    That eats up 98m of your 185m budget.  That does two things.  1. Gives you a base to build on for future seasons when you have a better idea of what to do since you can only move up/down 4m in those categories.   2.  Limits your funds for FA so you have less chance of signing a long-term deal you'll regret.

Thanks, everyone. It all makes good sense. Think long-term.

One very minimal clarification of Mike's comments-- there's no need to go all the way to $20M on coaching.  $12-14M is plenty, and I think that's what Mike meant given that he added them up to $98M.

Correct.   I did forget that you can move coaching more than 4m.   7x14=98,

Try not to trade much.  Owners will see a 0 next to your years of experience and try to pillage your franchise of it's talent.  If you're getting lots of offers for some specific players... that must mean he's really good and the other owners have tipped their hand at his true talent. 

Get yourself a mentor from the list in the forums.

Scour the forums.  Read "What We Learned in Aaron/Ruth" ... it's pinned.

Read it again.  That'll help you with the basics.

Welcome bjschumacher to HD.There is a lot to take in & a lot to learn. I am a newbie also even though I have several teams. Some of the mistakes I made were taking over fair teams & thinking I could win now. I didn't take the time at 1st to learn the game. I spent BIG money on players based on stats & not on ability. I made a couple of those bad trades by trading away players who had great potential because I didn't understand what I had on my team. After a couple of seasons of trying to buy championships I decided to be patient & build from the bottom up. I invested in scouting & started to make sure my Rookie League teams were great. Now those players have gotten promoted & now my Hi A & Low A teams are great. I'm now getting offers for those players. But I'm trading them. Patience & learning from mistakes are what worked for me. But the main thing is - TO HAVE FUN!! If you're not enjoying yourself & are stressing over this - then get out & don't waste your money. Hope I've helped!!