Getting cash out of a Contract for Land house?

Hello,

I have the chance to purchase a single-family rental home via a contract for deed. The seller has it bank financed. After I fix it up and get it rented, is it possible to get any banks to lend me money on it?

Also, any suggestions for articles or threads that would be good reading to warn me of any pitfalls on this type of financing?

Thanks!

psears