Cash out at closing? Is this legal?

[Phil Bradley]

I recently discovered a 2BR 2BA condo for sale in a great rental location. The sale price is 26k and the latest tax accessed value is 72k. The problem is trying to obtain mortgage financing on property les than 50k. My question is this, can I ask the seller to increase the price to 50k and receive the difference at closing? Is this legal in my home state of GA? Even with the note being on 50k I would still create $175.00 postive cash flow pr month and put 24k in the bank.