I have a good amount in savings and I'm willing to put a down payment of up to $50,000 for a rental.

We already have hard money lined up to cover the mortgage and rehab.  

When I went into the bank they said they cannot open the account with this kind of set up.

The answers are invariably yes for new investors, and usually for seasoned investors too—the reason being that you need to know what you are getting into.There is a second equally important reason, though, especially when buying from homeowners or investors: You can usually get a credit or additional work done based on the results of the inspection report.

@Kaylin GonzalezIn a nutshell, the way the tax code is set up, you won’t be paying any taxes on your cash flow.

Except for contracts that specify that and violations of specific laws that allow for that for the most part people end up paying their own legal fees.

I had a similar experience and just put up a post about it.    

However, in this case it’s worth circling back in 3 months, 6 months, or a year because this seller wants to sell, he’s just not ready to give up his fantasy deal.If the seller’s response is acceptance of the outline of my offer but countering on price or terms, it may be worth negotiating because we MAY be able to get to YES.My biggest profits have occurred when I made offers that were nowhere near what the seller was asking and yet WERE ACCEPTED, or with small modifications. 

The property seems very appropriately priced based on all the upgrades and already has a tenant.

I am a fellow investor here in Atlanta I have STR /MTR/LTR feel free to hit me up will be happy to point you in the right direction.