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Colonize the village.
I build a few iron golems, make a simple wall encircling it, and make a house in the village church.

I move in, proclaim myself king, and build myself a nice castle next to the village. I'd then start fixing up and expanding things, like roads, animal/crop farms, and new buildings. Once I get enough villagers to spawn an Iron golem or two, I start trading, and watching the emeralds and good loot roll in.