Could someone please advise an actionable step or game plan I can follow to tap into my equity correctly (if that makes sense here) whether that's HELOC, Cash-Out or another strategy?

@Connor Hibbs thank you..you are 100% correct.

Do you maintain the correct types of insurance and adequate amounts of  insurance? 

They know the system, file everything correctly and on time.

Majority of our landlords don’t want the section 8 approach since it is so time consuming to get approved and get a tenant in however they tend to be the more long lasting tenants and then you never have to chase your money as long as you maintain the property 

They prevent bedbugs from entering or escaping mattresses.Routine Inspections: Regularly check mattresses, bed frames, and furniture for signs of bedbugs (small black spots, eggs, or live bugs).Furniture Choice: Choose furniture with metal or plastic legs instead of wood, as bedbugs are less likely to infest non-porous surfaces.Bedbug Traps: Place bedbug traps under bedposts and other furniture legs to catch any potential bedbugs before they become a problem.Professional Cleaning: Schedule routine deep cleans between guest stays, and if you ever suspect bedbugs, hire a pest control professional immediately.Clear Guidelines: Educate your cleaning staff on how to spot bedbugs early, and encourage them to report any signs immediately.These steps will help you set up a smooth, well-managed STR that’s ready to generate revenue while maintaining a good relationship with your LTR tenants.

If you're going to keep it a rental, you want to "maintain to the neighborhood", NOT your personal preferences (or that of your siblings).What's the estimated cost of any required repairs?

Being that you already have property management experience and feel confident in your ability to manage a single-family or multifamily property, it really comes down to your financial position.If you have a good amount of cash available to put a down payment towards the purchase of a property and maintain sufficient cash reserves (or if you have a partner you can work with who does), then there's nothing wrong starting off with a multifamily property. 

Yes, correct.

Hi-Desert market seems very saturated now and I do think the market will see some correction by the abundance of Airbnb's.