My question is how does a person make a profit when buying stock?
By selling higher than he bought or buying lower than he sold (for short).
You are nice to point out you know what bit and ask are, with example - but are you also aware that the price MOVES with time normally? So, you could sell higher than buying when the price moves up enough for an active sell, or at least enough that you can put a limit sell in that gets you a higher price when someone hits it.
Do I wait until the bid price is higher than ask?
Exactly. And generally SIGNIFICANTLY higher, unless you are a scalper. Remember, you ALSO pay fees and you ALSO will have losses. So your plan should not be to sell for a 1 cent profit. Significantly can mean a lot (depending on timeframe and strategy), but remember you should never forget costs, particularly when doing small profits.