Guys this is so easy but all I see is lazy people here:
1) Buy a domain with a clean backlink profile, that was once a genuine website of authority, ideally as recent as possible, it is my experience the older the expire the less the performance (probably backlink also related or just my experience). I never worry was it previously redirected as long as the redirect was genuine, in some cases I make a feature of that - "We are no longer partnered with....."
2) If you want a long term business make sure url is niche related and the backlinks are niche related, I don't want to hear more "it's hard to find niche related url". Any good backlink is f##### hard to get.
3) Make the website genuine, not to pass manual inspection, but to have a user come, read the content, and find value and interest. Here's an example you find an old historical site bring it back to life, add quality to it. If you don't feel you can improve it and make it useful to the world don't own it, pass on it for something you can improve. If you do that the page is no longer the trash BHW is calling "pbn". If it is just for a backlink it is just clogging up the internet and should be treated as spam and will be you can bet your life on it, just when is all.
Here's an example of someone that should be banned from the internet, let alone expired domains : http:// broomfieldhouse .org.uk, if this is any of you out there, know you are killing pbns. Google has no choice to react to filth like this and that ruins it for people like me that give and get.
4) Once you have enough sites to rank your money site, create more sites, to link to the sites passing authority to money site so that they also have an updated back link profile and stay relevant
5) Treat each website with respect, if you can't update content frequently like a real business website it is a spam that didn't deserve to be online anyway
6) If you can manage all that, then you are ready for your second money site.
7) I am not going to talk about unethical practice such as fake whois, avoiding cloudflare, and the other ugly bits.
To put the above into context - if an expired website doesn't cost you at least 150$ on a nice design, and doesn't take at least a week of hard work to get ready for live, doesn't load quickly, doesn't have 8/10 quality pages worth reading to start with, doesn't have contact details and isn't selling something or offering a service, or information(which is the hardest test to pass because there's a million sites out there giving info better than you in googles eyes - know this if it's info provider make sure you've a wiki link), then it's a ticking time bomb but if you tick all the common sense boxes you have a business for the foreseeable future and you help to prolong the lifespan of expired domain seo as well as help google clean up the internet, because the trash link i posted above is so much easier to clean up than the grey area stuff.