If I had a choice: Buy a house or AM(well FM) operation
There are some nice opportunities out there but you will need to work the station yourself to make it a success. No GM, PD, traffic person etc. My suggestion, hire a salesperson with experience (any kind of sales) and lead the charge. You will need to sell too. If you just have programming experience I would reconsider. I have done it this way for the past 20 years with success.
The legal and engineering requirements will cost at least $75K. Then add equipment and facilities purchases, staffing, and insurance.
Once again, knowing all aspects of the business is a must.
Rent your tower space, hire your salesperson, shop for your equipment
on Ebay (get new antenna & transmission line.) Knowledge is key.