The idea was to create some Olympics-related niche site long enough before the start of the Olympics to be in a position to benefit from the surge in traffic it would bring.
I did this btw and have been seeing some very nice Adsense revenue on account of it. In fact, one of the things that came to mind was how nice would flip, except that no one wants to buy an Olympics blog part-way through the Olympics...
But it got me to thinking... the site was simple to set up, relatively inexpensive (I think I spent about $60 on content), and by the time the Olympics were getting close, I had all my pages indexed and ranking well.
I thought, if only I had thought about this 6 months ago, I could have done very well flipping it in time for someone to take advantage of it.
This lead me to realize that there are zillions of 'known' events, holidays, etc., and there's no reason I can't do the same thing!
And so my "Forward-Thinking Website Flipping Strategy" is just this: make yourself a 'calendar' of niche events such as big sporting events (Superbowl, Worldcup, America's Cup, etc.), politics (elections), really any large 'event'.
Do some basic keyword research.
Register a domain name.
Create or outsource some content.
Set up a blog or static site.
Add content steadily, even if it's a little every 5-10 days.
If you use a free website template or Wordpress theme, and outsource the content, it shouldn't take more than a couple of hours to get it started, then perhaps 20 minutes every few days to add content.
Even if you outsource the content, you could buy a decent amount of good content for $50-$100.
If you keep a running list of 'events', and create one of these each week, you will create yourself an ongoing series of 'jackpots' with some very solid returns.
And of course, you don't have to flip the sites. You could simply hold on to them and reap the benefits.