Any idea on what would be the per sq foot construction cost for this project?

I was surprised by how frustrated she was - I had no idea it was that bad.As we talked more, I started wondering: why can't we do better?

How much return would you need to purchase and hold my property, while I lease it from you with a 5 yr option?

As much as my wife would love the idea of a rehab, I'm really interested in something more turnkey for my first as I don't want to get too deep on my first investment.

If you do end up needing to ask a real estate attorney questions, it's probably a good idea to start with your title company. 

So going with the idea you aren't going to live in it, at 20% this would mean you could possibly buy a $150,000 rent-ready house if your DTI and credit score are good.  

I’m the co-trustee of a family trust that holds a single family rental and my father’s primary.

Acknowledging that a whole host of factors goes into determining the interest rate on a DSCR loan, I was hoping to get a census of what DSCR interest rates you got (or see your clients getting) to get a general idea of the cost of these loans.

Any ideas?

They want to lease the property from you for $X and then lease it out to someone else for a higher price and generate a profit.There are hundreds of posts about why this is a bad idea.