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After buying a domain name and building a website around it, how long will reasonably take to turn it into a profit?

For a new website most important is to get organic traffic. Offpage search optimisation is the name of the game. Don't wait for traffic to come by itself.

Post about your website on other high authority websites, comment with educational and creative backlinks to your website. Make a Facebook page for your business, Google+ page with detailed information, YouTube channel for some video clips about your business or website. The more organic traffic you get so will the profit come sooner.

Register for Google Analytics and monitor website traffic, bounce rate, return rate, most visit days, visitors demographic … etc.

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