Do you think that free web hosting re seller program makes profit. I visited some sites(like http://www.youhosting.com, http://myownfreehost.net etc.) and they are giving good bandwidth and space for free.
If you have good start fund, than yes. You can! estimate in 6 month you need 6 month dedicated : 6 x 300 = $1800 6 month 10 domain/month : 48 x 6 = $288 Design services for website : $300 what you can get ? it depends on how you promote. How fast your server services.