[kyleb]

Losing 50 pounds totally on diet and no exercise is going to lead to gaining it all back, and mostly in fat despite the fact that you lost a lot of muscle to get there.

Before you start, know that you are making a lifestyle change and you'll have to do this forever. It'll be more intense for the first few months as you easily drop weight, but it'll plateau quickly enough. This is the time that self-discipline and willpower is needed to forge on in the face of diminishing returns.

1) Check out the FAQ for some sample diets on T-Nation. As a general rule if you're trying to lose weight, find a BMR calculator, cut 300-500 calories off that, and consume that amount everyday over 4-6 small meals that are high in protein and feature good, complex carbs.

2) Getting a power rack is probably your best bet - you can get a cage for $300 or so, add a bench, some basic dumbbells, and a bar + weights and it'll come under $1000.

Cardio: Look into HIIT. Many people (including myself) have had success using this program to lose weight. It is, however, a very advanced program that is recommended for athletes usually, so it's intense and brutal. You can expect to vomit at least once while on the program.

Good luck. Feel free to ask more questions.