Sub $50k mortgages?

[Eric Neeb]

Hey guys,

I'm looking at purchasing a small 855 square foot 2BR house for $20,000 that needs about another $15,000-20,000 put into it in improvements.  Once rehab is complete I'll want to finance the property to pull out my cash.  Being that it will be below $50,000 (or at 50 if I can pull extra cash out :) ), will a bank finance this property?  I'm not very experienced in this space and would love to do more of these low dollar rentals in the future.  Any help would be greatly appreciated.

Eric