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A layer can only have one in and one out point so the easiest way to pull this off would be to put one image on the bottom layer and then animate the opacity of the top layer. This is assuming that there are no transparency issues with your images. I would set the CTI (Current time indicator) to frame zero, then press Alt/Option + t to set the first opacity keyframe at 100. Now move to frame 10 and set the opacity to zero, now move to frame 20 and set the opacity to 100 again.
Assuming that you do not want any kind of a dissolve between keyframes you now select all the keyframes by clicking on the opacity property in the timeline and then right click while hovering over any of the selected keyframes and select Toggle Hold Keyframe.
The last step is to add this expression:
This will make the top layer turn on and off every 10 frames. You can adjust the timing by selecting all of the keyframes and then while holding down the Alt/Option key you can click and drag on the last keyframe to uniformly change the timing between all keyframes so you could easily drag to the right and increase the time between cuts to 20 frames or move to the left and change the timing of the cut to every 5 frames.
I hope this helps. I should also mention that there are probably about 20 different ways to do what you want to do, this is just one of them but they all follow the same rule - only one in and one out point per layer.
Hi Daniel M,
An expression or action will prob do it.
Did Rick's answer assist you? Let us know.