@Jonathan FaltotI agree with what @Dominic Mazzarella is saying...you might be getting played, but it still might be worth it to do.  

Play devil's advocate and see what comes up and you will likely pressure test your exit strategy.

What I'm hoping for is an Excel or spreadsheet template that allows me to play around with these variables and, most importantly, calculates the IRR and TIR for each scenario.Does anyone have a board or Excel sheet they use for this kind of investment simulation?

My 7-year old was fascinated by it and wanted to play. 

Put energy where it makes sense and try to tackle both a long term play (getting your edu) and also a shorter term play (your first purchase). 

At least in my market I think the older homes that only have 1 bathroom would be challenging to rent in this manor but if you went into with intention and in a high density area I think its a great play. 

A high-yield real estate play blending minimalism, wellness, and strong short-term rental income.

I’ve got other mortgages in my local market that are more of the long-term play. 

YESAll of these need permits because you're changing the use of the space, and things like electrical, plumbing, and HVAC will come into play (which require permits).

Rick here’s how you play this.