If I pay cash for fixer upper, can 70%LTV be used to renovate?

[Jack Moran]

Looking at a 40,000 2fam property and I have just enough cash.  

If I buy it, can I immediately get a $28,000 (a 70% LTV cash out) before renovation and use the 28,000 to do renovations? I know the typical BRRRR process is to wait until after the renovation and do it then, but if I own it outright, is a bank going to be willing to loan me the 70%?

After renovation, the property would be worth say,....100,000. I would then be able to do another 70% LTV against the newly renovated $100,000 property ($70,000, pay off the $28,000 first loan leaving me with $42,000).

I should be able to rent each for about $1,000/month after renovation.   

I figure if the renovation runs over the 28,000, I could concentrate on one of the two units and get one rented, use the rent from the first finished unit to fund the renovation of the second.   

It all seems to hinge on the possibility of getting a 70% LTV $28,000 before renovation. So does anyone know how feasible, likely or possible that is? My credit isn't perfect, but not awful. I've just never heard it mentioned in any of the examples I've read or heard about.

Thanks in advance for any advice.