The tool would be able to do myriad analysis to evaluate the deterministic analysis such as margin of safety, probability of a return, maximum buy price given a certain probability of a return, and calculate the opportunity cost comparing this investment to an equal investment in an index fund.Does anyone think a tool like this would be useful and beneficial or do you think it's more of a waste of time?

It appears that State Farm provides insurance and four other companies. https://www.statefarm.com/simple-insights/safety/its-not-the-breed-its-the-bitehttps://einhorninsurance.com/dangerous-dog-liability-insurance/

I would consider using financing even if you don't need it to keep cash available for the next deal and to keep a nice safety net.After 2 years of reglar income from this you will be able to finance this business. 

We replaced all the floors with LVP, replaced every outlet, light switch, and light fixture (finding some serious fire hazards along the way).

The problem with them is that if there is not enough water in them they can discharge lint throughout the unit (fire hazard) or cause water and high humidity to the unit (mold). 

Not just for my business risk, but also for the safety of my other tenants.The willingness to pay rent upfront is also a huge red flag as several have said, but as I state I would not have ever gotten that far. 

Are these people literally pulling out their IRA's at a penalty to fund a deal, or is there something in the funding and it's just used as collateral/safety net?

Tenants' interests, comfort and safety will be paramount. 

Safety items should be of top priority.

It’s better to buy rent-ready (life and safety systems OK) but not cosmetically perfect (as in you might fix up the kitchen or bathrooms to add value).