My agent said we can add the trust as an "additional insured" on our existing policy.

Quote from @Linda Roberts: I won't even allow a cosigner from another state.First, you are putting yourself in a tough situation with three or more unrelated tenants, but that's a discussion for another day.Second, I won't allow a renter without income unless they pay their first three months in advance.There are too many variables for me to make a decision.

Once you complete the property, you could then do a DSCR to pay off the initial fix-and-flip as then you will have the rental income to show for it.

You can’t buy much with $50k, at least not the asset class you’ll want with your future income potential.

It can mean the difference between having an income or going broke.

Would you accept a tenant for a $2,150/month rent with the following situation:- They own 2 restaurants so it is hard to verify their actual income VS the company.

Always best practice to be listed as additional insured as the property owner as well. 

When I calculate an offer on a property, I typically look at the potential rental income and subtract from that all operating expenses such as taxes, insurance, management and maintenance.

Flips are exciting, you learn a lot, more risk, more upside, more headaches, more short term taxable income. 

I have no savings, and our debt to income isn't great right now, but we are making progress.