This is not the way to do it.
The correct way would be multiple SSID's with each tagged to their own VLAN.
Each VLAN has its own subnet. You can then use a zone based firewall, to allow the zones(subnets) to access each other.
You can also then apply QOS, to limit guest network speeds, prioritize LAN traffic etc.
And zone based firewalls are stateful, you can do rules such as LAN can reach IOT, but not the other way. Or IOT can only reach the IOT server, on specific ports.