I have done hundreds of them and did them all myself.However in practice lender calling the loans it rarely happens as long as you keep the payments current.Now I am not a FAN of sub too for most Sellers I think they take huge risks because most buyers of sub too don't really have the wherewithal to cure if the bank calls the loan.So if you have as a seller deeded your property away and the buyer walks your screwed you don't own it any more so you can't refinance and you have to do a foreclosure to get it back which costs thousands. 

It is not no underground practice for people have been doing this way before the practice got it's name "Real Estate Wholesaling". 

She does this EVERY single time since I've been working with her (since 2007).Is this standard practice in Spring/Houston TX?  

Is this a common practice and if so does anyone have a sample contract I could view?

I do this all the time in my practice. 

Do what you enjoy doing because the key is to be consistent.

@Lynn Currie, we are looking to do it for practical reasons upstairs in this house but I would like to have it for solely aesthetics reasons on the first floor. 

Practice analyzing properties for rentals and you will soon learn to recognize a good purchase.

No regulatory violations for usury, disclosure, predatory practices (like inflated property values) amongst other ideas are common highlights.  

Are you held to any other standard or practice that makes you liable?"