I am interested (I think) in flipping and long-term rentals, and would eventually want to get into NNN leased commercial real estate (to get that mailbox money).

Or how much will it be to convert it back for a family?  

I let RE investing be an ancillary career to my regular career, until it eventually overtook my career financially.

I would then take that profit when available convert it into $USDT and play a 100x futures bet short or long ( most likely long) to return 4.8% profit per twenty-five dollars of movement.

Eventually it'll happen, but it's a ways out.

I was wondering if I convert the second living room into a bedroom, would that make the value of the home increase.

Odds are, if you say a correction/crash is coming each year, eventually you will be correct (like any broken clock).

We are interested in making this profitable for us but our first interest is in seeing if/how she can eventually buy this home (the value is about 15K higher than the agreed upon price- but willing to on her original price).What considerations are there to look at in these two banking/financing options that we could offer to her?

You can house hack several times while you still don't have a family, it becomes more difficult as you eventually need more space.

I want to convert a large parking pad and some grass into a detached 2-3 car garage/storage with an 800SF 2bd/1ba apartment above.