Free house yes or no?

[Addison Fields]

Ok first post on here, I have been reading tons of post and wanted to ask a question.My loan officer called me the other day and asked me if i would like to buy a foreclosed home at 100% financing and he would also loan the money to do the repairs in the loan. I would be paying 30k for the house and he will loan me 40k for repairs.I will owe 70k on the house and it should bring within the 850-950 range in rent.I feel like I am getting this house for free basically because i would have no personal investment and the house would be worth 80-90k when i am done.Is this a deal or would i be putting myself out too far?