buying for cash then financing?

[Mark W.]

Looking at a duplex that an owner is listing for 30k. Seller seems very motivated, perhaps I could get it for 20k, 25k. Place is unoccupied at the moment, city assessor's site lists it at 60k, other homes in the area have sold at that over the last 5 years.

Say I buy the place for cash and replace the roof and paint the exterior (which it desperately needs). Could I then go to a bank and get a mortgage for 60k? I guess basically what I am looking to do is to buy the place outright, do the exterior repairs, and then get a check from the bank for 48k (80% value of the house) once I'm done. I then rent out both apts.

If this sounds totally crazy, I apologize...I'm new to the site and my brain is on overdrive!