(adsbygoogle = window.adsbygoogle || []).push({}); Can somebody briefly explain to me a step by step walkthrough on how to flip a website, if possible?

I know you must:
1.Buy a domain
2.Buy hosting
3.Put content on (may outsource)
4.Gain constant traffic (not sure how this is done)
5.Resell
6.Profit??

Have I missed anything? I have a lot of money and time on my hands..

Thanks