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Domain hosting, like domain registration, doesn't cost very much. In fact, you can host a domain for as little as $10 or less per month if you find the right host. Most people recommend Host Gator but you should do your own homework so that you can find the best host for you. Again, choose one that offers good customer support.
You'll also want to make sure that the host offers Cpanel. This is a graphic interface that makes managing your websites much easier, even if you're not very technically proficient. If you don't know anything about websites, the host's customer service can usually walk you through most of it, and that's why you'll want to choose a host that offers superior customer service in case you get stuck.
You'll also want to make sure you host your domain on its own account. That's because hosting a domain on an account with other domains makes it more difficult when you try to sell that account and then transfer it. It's best to keep everything separate so that the transfer process as is clean and easy as possible. You'll also want to create a reseller account, which is designed for doing exactly what we'll be doing: flipping websites for profit.
Ok, so let's assume your website is now registered, hosted and now all that's left is the actual building of the website, which is the most fun part of the entire process.