Should I talk to my bank about my plan?

[Gregory Morris]

Hello, this is my first post. I have been a member of bigger pockets for about two years now and own a duplex that I also live in largely due to reading the emails and using the site. I am ready to take the next step in the real estate investing world but I wanted to reach out to the community for advice. 

I live in a suburb right on the city line of Detroit. There are a lot of big renovation projects that have been announced in different neighborhoods throughout the city and I have found a few properties that I think are ripe for the picking near where I live. I found a single family bungalow for 40k that also comes with two additional plots of vacant land. I estimate the rehab at about 20-30k and the ARV at 100k. I plan to purchase this property through a hard money lender and would like to refinance into a 30-year mortgage at which point I would rent it out for the going rate around $900/month. The only thing I am concerned about is if I purchase the property and do the rehab that I wouldn't be able to refinance the loan.

Should I approach my bank with my plan and lay it out in detail to see what they say? 

What other advice do you have for this specific deal?