I read a really interesting article in The Guardian recently, about a relatively new web phenomenon. The idea is similar to buying real estate, improving it, and selling it at a profit. The difference here is you're working with domain names. So how does it work?

1. Buy a domain name (find a good one, that's expired recently). Minimal cost.
2. Get some webspace and install WordPress (with a professional looking theme) and get it all up and running.
3. Create a logo for the blog and get the whole site set up so it's desirable for people to buy.
4. Add articles to the blog (5-15), features and selling points. Maybe even offer free hosting to the buyer.
5. Get your site set up to work with google adsense, and get it tracked by the googlebot.
6. Sell the site.

Sounds far too easy doesn't it? That's what I thought, but then I saw how much money people are making. A domain name costs as little as £10, you spend a couple of hours improving the site, then sell it on ebay for £50 upwards. Imagine how many you could buy and sell a day! Big bucks to be made...I feel an experiment forming!

Useful links:
http://www.guardian.co.uk/technology/2008/sep/11/netrich.internet
http://siteflipu.com/
http://www.thenetfool.com/making-money-online-by-flipping-websites/