Sorry, I should have been more clear. Yes, I want to transition into academics and maybe since I already have a masters in the same field, some of the credits may be reused and speed up the process.
At least in the sciences even if credits were transferred over it wouldn't do much to speed up the process. Do not plan on 3 years. You will be lucky if you get out in 4. Also depending on hiring in your field you may need to do a postdoc or two. If you are doing this full time you really have to look hard at the opportunity cost. You may actually never recover financially.
I think you mentioned you were married. Don't underestimate the toll it will take on your relationship. I know many people who got divorced during their PhD studies.
Finally talk to people who are in the program at all stages. Run into a lot of bitter 5th years who paint a different picture than the enthusiastic PI? Don't kid yourself, that will be you in 5 years. You aren't special.
I would really try to to figure out a way to do stuff on the side to meet your research/mentoring needs.
I did mine when I was young and poor and was a difficult experience. I can't imagine giving up a job with weekends off to go back and get a PhD.