My son currently lives in the townhouse b/c he is going to school and works in the area.Since he is young and starting out in life, I would like for him to only cover the basic costs (taxes, HOA, utilities) just enough for me to break even (I believe that will put him slightly little lower than market rent rates). 

We found two contractors and the bid we received to finish the work were higher than the bid we contracted to complete the entire rehab! 

Quick search "MLS Only Broker California" gives you a couple of options.

Or is it more than that and not something to be done without development experience?

It’s not an arms length transaction if your wife owns the selling trust that’s buying her parent’s property for less than market value.

The 8' doors are interesting.. dont get a lot of request for that other than front door.

I'd like to simply buy a turnkey rental and make cashflow but I understand that's easier said than done and turnkey properties likely won't provide me ideal ROIs.

In The Millionaire Real Estate Investor, it profiles a couple who used this strategy.

@Jason Wray What lender do you know of that offers investment loans with anything less than 20-25% down?

@Collin Luckett  Just adding, if you have the ability to fund with your HELOC, it would be far cheaper than PML or Hard money.