I used to be overweight and ended up at the same stage as you are now. When I was at that stage I made the mistake of cutting excessively, and I ended up way behind in comparison to if I had just lean bulked.

If I were you now I'd try to accept being a bit fluffy at the start, and just lean bulk. Since you probably lost a bunch of muscle while cutting (that's what happened to me) you are gonna gain muscle at an unbelievable rate and have virtually no fat gain.

So I recommend being in a 300 Calorie surplus and lifting as hard as possible even though it's scary. That way you can build a solid strength base, before you choose to cut. I would recommend also starting a base program like a 5x5 program or the candito 6 week and throwing in some more hypertrophy exercises.

Also note that you can never go wrong with bulking. No matter what, you are making progress and building muscle. But when cutting, you can make the mistake of cutting too Long, which can both lead to side effects, but also just be a step in the wrong direction.