Yes, there are hosting providers that offers master reseller hosting. "jixhost.com" is one the oldest providers i know altough never tried them.
In my opinion it is just a waste of time and problemtic to offer reseller+ services.
When selecting cheap website hosting, be sure that the web host provider is trustworthy. Try to ask around people about their perceptions on the web host company. What they can say about it? Try to gather as many reviews about its web hosting services (both positive and negative) and serve these as basis in choosing web host providers.