Possible first deal

[Jeff Gingell]

Ok, so I am a total newbie here, but here goes. I found this deal on a house in my area. I was not really planning on finding one yet, I was planning on paying down debt and saving before trying to invest, but here it is. And I'm pretty sure it checks out. This is a 3bed 2bath, total gut job of a SFH. I can get it for 40, tops, prob less. Bones are good and roof is still good. I could put 50 into this place and make it like new and still hold to the 70% rule, assuming I pay the asking price, which is unlikely. And I could rent it and still cash flow close to $300. And yes that's accounting for 8% vacancy, 10%maint, 10% prop management (which I don't even plan on using), tax, insurance, mortgage, etc... The problem is, my bank is not inclined to give me a loan for it. It seems their problem is that the renovation budget is too high in relation to the purchase price, paired with the fact I plan on renting it out. Any thoughts? Is this common for banks to work this way or should I be out talking to all the banks until I get a "yes!" Thanks in advance for any fresh ideas out there