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I like rebuilding and working with low payrolls. I just took the 2013 Marlins roster and within the next 4 years in an online league I had 2 WS appearances (1-1), and pushed my budget up to the top 10.
Generally I avoid speed and get teams that can hit for average, get on base and hit for power. My pitching right now is probably top 2.
I find that being creative with how you structure contracts (frontloading or backloading) can often make a huge difference especially when you're working with low payrolls/budgets. Winning consistently will push up your revenue/budget so that helps if you have a lower payroll team too.
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