If you buy a domain from a 3rd party, the backlinks are valuable. I always wait a few months before redirecting, so just set up a quick minisite until two page rank updates have passed and then go ahead and 301 redirect. However, it seems that you'll get the link juice from the back links, the anchor text is ignored by Google. Buying a domain at Godaddy TDName expired auctions, seem to not count as a dropped domain if you immediately set up a mini-site.
The great thing about this is that it’s kind of like a metasearch engine for all the places that you can find expired domains around the web. First, let’s look at deleted domains. Okay? To do that, you go click on the deleted domains button here and then click on any top level domain that you want to get. I prefer .com because it’s obviously the most common top level domain.
The domain name industry is quite similar to the real estate industry in a lot of aspects. There are end users, brokers, consultants and domain flippers or “domainers”. Domain flipping works similarly to buying a house, renovating it (or even sometimes just sitting on it) and then selling it again at a higher price point. The gist of it is: you’re purchasing a domain name and betting it’s worth (or will be worth) more than you paid for it. If you’re right, you get a nice paycheck and move on. Those who make a living out of this just rinse, repeat, and scale.