Is there any specific well respected website (medium) for website flipping? I wanna test my luck in this field. Also please share your experiences.

What exacty are you asking for? A website that lets you buy and sell sites? You can do that anywhere. Here in the MMG ad section, Digitalpoint forums, sitepoint.com, etc.

Sedo.com is the best platform for website flipping. They're by far the most professional and their escrow services are great.