Whether you can use an existing backlink profile for a new web project under the available domain depends on whether the link target of incoming links can be reconstructed. In order to analyze which content was provided under a domain in the past, you can find out on the Internet Archive Backlinks have no value if they lead to nowhere and this can even have a negative impact. They are possibly redirected to similar subpages or homepages using 301 redirect. In this case the most part of the link’s power is lost.
Park the domain with a domain parking service. Since you may not have content to put on the site, a parking service puts up a dummy page with ads. When people visit and click on the ads, that's money for you. This method works best with popular keyword domains that get lots of traffic. In most cases, you will not have control over what ads appear on your domains.
When speaking about an expired domain’s backlink profile, this refers to the incoming links that have built up from when the domain was previously in use. Recently-expired domains that have long histories aren’t unheard of. While the pre-existing content of the domain rarely remains visible when the domain is re-registered, links on the other hand do remain, as long as the new owner doesn’t devalue or delete them.
Lately I've noticed a lot of questions in Q&A centering on purchasing expired domains. A lot of our members have expressed interest in buying old domains for a variety of prices (some are cheap, some are going for upwards of $50k) and want some advice on what to do with the domains once they've been purchased. I'm no domainer, nor am I an expert in such a business tactic, but I generally recommend one of three different options for an expired domain (and would love to hear more if you've got any).
As far as flipping domains for a profit is concerned, there are certain domain names that are worth a lot of money. For instance, Hotel.com and Business.com have been reportedly sold for $11 million and $7 million respectively. Now even though coming across such golden domain names seems more like a long shot, you can still make a decent amount of money if you choose to buy and sell domains as a part-time business opportunity.