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“Flipping” a site usually means you buy or build a site simply to resell it, at a profit. If of course you start the site from scratch, then it’s nearly all profit - minus the cost of the domain name.
By using templates you can do this relatively quickly. In fact, a guy in this warrior forums post did it in less than 24hr - live in the forum.
He used Wordpress, and I’ve said before Wordpress is an ideal solution to build quick, content-based sites.
Here’s the basic process if you want to try it yourself:
1. Get a multiple-domain hosting account. A reseller account is fine.
2. Pick a niche, and research it. Use the usual keyword tools such as the Google sandbox to find popular searches for the niche.
3. Create a domain name for the niche, and register it, then link it to your host.
5. Write posts for each of the other popular keyword searches you decide to use. Ensure they are keyword heavy with the actual search term in the post title.
6. Place the domain for auction at sitepoint or similiar. Alternatively, you can decide to run the domain yourself, and earn from affiliate links and advertising.
You can in fact easily build new domains fast with this basic method. There are literally thousands of Wordpress themes available, so they can all look different, and once you get the hang of installing and setting up wordpress it can be done in a matter of minutes.
The only real work involved is the writing of the articles. But with the web research is easy, so even that is simplified.
An readily designed site with content can easily raise over $100, and for little work. And if you manage to grab an expired domain (also try this) that already has age, traffic and pagerank, that goes up - a lot.
In fact, the same method can be used to build a network of niche blogs, since they’re so quick and easy to create, but the workload involved in writing posts for, say, 20 blogs can easily become too much to handle. Outsourcing is a solution, but why not get started on your first niche blog today and get a feel for the process 
You may also like this post - for the opposite process. You can even combine them - buy a domain (even if its a cheapo ebay site), give it a makeover and some traffic, then sell it on. Many successful people already do!
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I just had to leave a comment, I am fairly new on the Internet and this is the first time I have ever heard of blog-flipping. I guess it makes sense if people can flip houses, why not flip sites. Thanks for the great info.
Thanks for taking the time to comment
“Flipping” has been around for a while, and as long as there are people willing to put in the work creating the site, and there are people who want to avoid the work and just buy the site - it will continue.