1.website build:
First thing is to build a half decent website in a sort after niche - I find technology niche works well, get a Wordpress theme and some content.
This can be done for almost zero cost if you know a bit about WP, or for $70 if you want to pay someone (just look up MNS sites).

2.PR Acquisition - this is the slow bit as the method requires a PR of at least 1- this can be easily acquired with some high PR blog comments - there are several great services offering this here, cost will be $20-$30.
You will need to wait for the PR to be reflected public ally before you can continue - this will likely take several months, but to speed up the process you can purchase an expired domain with a page rank for a small fee

3.Bank with Fiverr.
The money making part of the method is to sell blog roll links and guest posts on fiverr- blog roll is not popular now, but guest posting definitely is and you can easily sell a single guest post for $5 and if you want to provide content for the buyer, that is a gig extra.