1.
Create or purchase a high paying google adwords list.Before you start looking for available domain names, you need to know what keyword to search for. Keywords are what drive advertising and search engines no matter what available domain names you find. You need to have a profitable keyword, so get a long list of options.
2.
Choose a keyword phrase based on search volume.Ignore the highest paying keywords to start. Usually those will already be taken by high ranking sites. Compare how much search volume they receive using a keyword tracker (see free resource links below). Try to find one with at least 1500 search volume per month.
3. Choose an available domain name based on competition, google adwords, and search volume combinations.You want available domain names with lower competition. Search google to find the top ranking sites on the search for that keyword. Then use a site that gives you google ranking for page ranking. Some of these links will also tell you how many back links a site has. If they are high on the page ranking, and have hundreds of quality backlinks, then skip it. It will be too hard to compete with. (See other tips on this below)
4.
Purchase available domain names that fit the formula.These available domain names that remain are easily highly ranked, bring high search volume, and give great returns due to google adwords or some other adwords system. Use your favorite domain name host and consider using one that will both register the domain and host it for you.
5. Build your site.Your keyword should be in the available domain name title. Your page title should use the keyword phrase. Then you need to find 20 articles or so that you can build separate pages on your website for. Backlink your main page from each article within the first paragraph or two. Include the keyword phrase throughout your articles and main page and wait for the indexing to build and your money to start flowing in to your hands.* See tips below for more on google adwords, mini domain name sites, and making money online.