So, this is usually my base project that I start with.

1. Install virtualenv (consult google)
2. Do source bin/activate in your console
3. pip install -r requirements.txt
4. python application.py will launch the app into debug mode (see application.py to disable debug)
5. Check 127.0.0.1:5000 for the project in all it's glory
6. ????
7. Profit

A demo can be seen here: http://flask-template-materia.elasticbeanstalk.com/

db_create.py and the other db_ scripts are for easy creation / upgrades / downgrades / migrations of databases. Thanks to Miguel Grinberg for those.