Great to hear vudu – it's always exciting when someone gets committed to getting into shape.
I'm not sure what your age is, but after 10 yrs of inactivity and what sounds like poor diet, you need to take it slow. real lift is not like some TV show, and let's face it, you have some work to do. Set moderate goals so that you can stick with it. After 6 months, if you are sticking with it and making progress, then turn it up a notch. It took you 10 yrs to get into your current condition, and it will likely take you 1 to 2 yrs to get where you want to be.
At your weight, your eating is the #1 thing. Actually, out of the top 10 things, what you eat and how much you eat are 7 of the top 10 things.
I'd read the free ebook you get when you sign up for this site (3 Months To A New You). Seriously, any advice I give you here would be redundant with that unless I were doing private coaching with you.
On the training side, because you have limited equipment, you might have to adjust the workouts a little compared to what is in the ebook, but just with variations. For example, if the workout says Back Squats, you can start with bodyweight squats. Once you can do all your workouts with full depth bodyweight squats, then you can use your 50 pound dumbbell for goblet squats. And then eventually, you could hoist that heavybag across your back (though a bit awkward).
But seriously, just start eating better and start moving. What I tell most obese people for the first week or two is simply write down what you eat. Everything. I mean EVERYTHING. Carry your notebook with you and write it down before you eat. This simple thing will cause you to be much more careful about what you put in your body. And also for that first week walk every other day. Start with just 1 mile. Increase it 1/4 of a mile each time.
Then after two weeks, start in on 3 Months To a New You. But take it light. And keeping improving one thing in your diet each week. If you try to eat perfectly overnight, you'll fail. For example, maybe you drink a lot of soda, let's say 4 cans a day. Don't go cold turkey. Just limit it to 3 in week 1. then 2 a day in week 2, then 1 a day in week three. then in week 4, focus on the next worst thing. For example, if you eat dessert every day, in week 4 move to eating dessert every other day. Then drop to 2 times a week in week 5. Now for week 6, ask yourself what the biggest limiting factor is. Maybe you want to go back and reduce your soda intake more. Or maybe you aren't eating enough veggies so you make that your goal. It's a never ending process of small steps.