A lot of variables in play here...
Right off the bat I'd say skip real 'program' thoughts immediately with that budget...small site with bare bones affiliate program -- maybe...
...however from a basic site perspective, consider the following:
CONTENT:
- The niche and your connections will determine cost of content
- Custom or off the shelf? Forget custom with this budget...
- Do you already have it?
...or at least a significant amount built up that is fully compliant?
MARKETING:
- Do you control a significant amount of traffic yourself
- Who do you know that is WILLING and ABLE to push your site in exchange for return traffic, cross promotion, % cut (don't go PPS until you can handle floating a load of cash) -- make a list, check it twice
- Do you plan on buying traffic? Where from, how much...
All that being said, there is nothing sweeter than recurring sales that YOU control...
which leads to the additional variables...
How often do you plan on updating your site to keep retention high? Do you know the average retention on the niche you're considering building a site for? Have you done much market research on it...
Do your homework, make a plan...then
