HELP!! First possible RE investment (I am terrified)

[Ethan Tomlinson]

Hello, I am a 23 year old in Idaho who has been obsessed with real estate since I was 18, always thinking id make a commitment or put effort but bouncing back and forth. I have since become a real estate agent and a builder. I am looking at a house in a location where 4 bed 2 bath homes are currently listed around $350,000. This home is 4 beds 1 bath and listed around $290,000. I have experience in construction and my father is GC, we build cabins together for my main line of work. I really want to put an offer in on this property as an investment property, but I am terrified. I have been trying to crunch the numbers and run through 1000 scenarios both best case and worst case. So far, I have estimated that I could turn this home into a 5 bed 2 bath for less than $15,000 or less since I don't need to pay labor, there might be an issue with the plumbing since the utility room in the basement smells like dirt and feces, obviously I would want to do an inspection and possibly have the seller give seller credit if something major popped up. I would rent by the room in this massive house most likely, and I estimate I could get about $750-800 a room right after adding the bathroom, though I would like to verify with someone local. My tax history is all over the place so I have been talking to specialized lenders in my area instead of standard banks. They say the address is "rural" so I might have to put up to 30-35% down instead of 10%. They might be able to call it suburban and cut me to 10% down payment. I only have 30k available in cash today BUT with a decent check from building cabins coming in at the end of the month. Likely a 15-20K check. My mother is also considering selling her cabin, which me as the listing agent would give me another 15k or so to work with after my company takes a cut. I also have some valuable possessions I can sell but that's just not as liquid, could take a month or two or three to sell those if I wanted. I also am confident my own father might be willing to help with the down payment too, so I can keep more cash reserves instead. I would have to repay him though obviously which is not yet included in this scenario. But after a bridge loan I then I would refinance with the same company into a DSCR, which they said they do rent by the room based.

I am doing a bunch of rambling but here are my basis, I really just want to know this communities thoughts and expertise. Heck, I could do all of this for an offer to be rejected regardless. I'm ok with a deal that gets my foot in the door, doesn't have to be a home run. But I also would rather no deal than a bad deal that puts me at great risk:

Purchase Price: $275,000 with 5k seller credit
Bridge Loan Amount: $192,500
Interest Rate: est 10.75%
Estimated Holding Cost: $1,973.96 until rent ready (rent ready in 1-2 months)

Estimated ARV Value: $350,000+ (4 bed 1 bath into 5 bed 2 bath) ($330,000 ARV CONSERVATIVE)
This lender will reimburse 100% of rehab costs after they are finished. I estimate 15k or less rehab costs though.
I would then refinance into a DSCR 80% LTV based on 350k ARV with the same lender, renting the 5 bedrooms to make $3750-$4000 per month. My area is very lenient on rent by the room and the laws pertaining to it. After the REFI I estimate my total expenses with 5 people living there (vacancy. capex, yatta yatta BP way) to be around $3639/mo, also being conservative. Keep in mind the mortgage would be only around $1816 of that total number. I would also have to account for repaying any money my father lends to me. Though if the property had a 360k or 370k REFI that would put another 15-25k in my pocket.

I could make capex and maintenance 5-7% each instead of 10% but this property was built in 1920. Regardless, this all terrifies me. I don't mind going through a great learning experience even if it costs me some money, it would further my landlord road of experience and teach me a lot. I just do not want to somehow go bankrupt. The worst case scenarios haunt my mind. Any words and advice are appreciated.

My other idea was to send mailers and drive for dollars asking people to split parcels so I could buy land for $40,000 or less, I don't want an acre I want .25 or less. Then build my own little home on my own for about $140,000 in coming years just so I have no mortgage and don't pay rent anymore. I hate paying rent even though its only $600 in my tiny studio.