How does one get into the business of rewriting articles.I do not have a web site so it is hard to show anybody a portfolio.Should I invest in a web site just for this purpose? Or would I be better off to create and store some articles on my computer and then e-mail them to prospective clients?

First you have to find the right person for giving jobs. Today there are more competition, and the job is very hard to survive. Any one asking for you to write an article will ask you for a sample article. So have a dozen of Sample articles in your hand.

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You can visit the Buy/Sell/Trade section of webmaster forums like digitalpoint.com. There are plenty of people there who are looking for people to rewrite articles. You don't need a website for this.

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Rewriting articles does require a lot of knowledge and talent in the english language. It is definitely not easy to do it as you should rewrite it in such a way that it will not be caught by any search engine as copied article and also by copyscape!

Freelancewritingjobs .com has a directory of people looking for writers. Rewrites don't pay that well though.