In the Chicago area I know this is not an uncommon practice.

Specifically what you're looking for is any balloon payment (the whole amount being due at a certain date before the 30 years - uncommon for a regular mortgage but possible) and especially and adjustable rate language (usually covered in something like an "adjustable rate rider" toward the end).If the mortgage includes escrows for taxes and insurance, I'm not sure the #s add up - I'd expect the payment to be a lot higher.

From what I have been told it is uncommon, however I have seen other posts on here where it has happened.  

It is not uncommon for tenants to run up utility bills to punish their landlord.

It is not uncommon to see newly renovated Victorians and new construction in the neighborhood listed at +/- $300,000.As evidence of the strong market trend, below is an article from the Indianapolis Business Journal discussing a new, proposed $20 million apartment project in the neighborhood.http://www.ibj.com/articles/59167-developer-plans-...

It's called CASH FOR KEYS and not uncommon, but sometimes a bitter pill to swallow.

It's not uncommon to see wholesaler/flippers buying a property and then immediately offering for sale at an inflated price but only to cash buyers - a lender will not do it without seasoning.The answer to this dilemma is what all of these long term hold folks have discovered.  

As @Jon Holdman said, be prepared for annual changes in the escrow amount due to increases in taxes and/or insurance.Having said that, it's not uncommon for mortgage companies to give you the option of escrowing the TI once your LTV gets low enough.

If you have the deal of the century, you could keep 80% of it without putting any money in, but that is obviously extremely uncommon.

It's just not 100% predictable on timing and so it's not terribly uncommon to have to extend a contract because a potential heir popped up or court dates were delayed.