flipping websites??!!

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hi guys, i have read some articles and saw some ads regarding how flipping sites can make good money on internet!!! i am very keen to know the basics one should know before moving to work on flipping websites.it'll be great if you can share your experiences about the said field. do provide -- 1the do and don'ts that you consider are very much essential for the said field. 2the legit websites which offer such services and their membership charges.