questions on Notes

[Jasmine C.]

I know a guy who says he buys homes for cash, rents out the home for 6 months, seller finances the home to the renter then sells the note.  when I asked for an example he said you buy can buy for 50K with 750 rent already rented,  seller finance 5k down, 10 year at 6% would cost the renter around the same as their current rent but now they own it.  then sell the note worth 75K for 65K.  is this possible?  do people actually do this? do people actually buy those kinds of notes?