Double closes!

I have heard many different opinions on this, but is there anything wrong with double closing when you:

Sign a contract on a house, at ex. 200,000 and then sell it to end buyer at 250,000 at closing.
You wouldn’t get a loan yourself, but the end buyer would get a loan pay off the 1st contract, and you make your 50k? Any opinions are appreciated.

I have the same question. I understand that each state has their own regulations regarding double closes. Does any one know the rule in New Mexico?

All you have to do is call your local title agency they will tell you.