In simple terms it's creating a blog for a particular niche and then selling it off immediately it's of commercial value. Basically, you'd flip a blog off based on traffic and of course the revenue it's generating at the time.
There are so many blogs out there that you would have to have a substantial site to flip it for decent money. Adverts that generate revenue, thousands of visitors, media interest, all of which will help to raise the profile and price of your blog. Then you can flip it i.e. sell it and start making another one (which you will probably also flip ).
Blog Flipping is a procedure in which buy an old sector or begin a new self-blog and including value to it by excellent and eye-catching material and offer it on benefit.