If you decide to do this make sure to plan ahead and track the income and expenses separately for each unit since LTR tax treatment is different than STR. 

You were ahead of your time. 2024 and most still haven’t heard of selling equity

My initial read of your post makes me think you're over-analyzing this.Pick a couple areas and go visit...you'll know when it feels right.

OR do you actually take a trip to visit all properties then decide? 

This is why there can be muted market responses to actual Fed rate hikes, as the central bank often telegraphs its intentions ahead of time, to the point where the change is fully expected/estimated and thus “priced in” ahead of time.Key Economic Data Releases that Move Mortgage RatesHere are the key economic data releases that most affect Treasury yields and mortgage rates; understand these and plug them into your calendar, and you will be a mortgage rate magician in no time.Consumer Price Index (CPI)For even casual interest rate watchers, it should come as no surprise that the monthly Consumer Price Index (CPI) release is key to interest rate movements.

Assuming I decided to go ahead and raise the rent at that point, I'd let them know and I'd give them some reasons why. 

Higher end relatives coming to visit would want to stay at a home.Did you check AirBnB to see the calendars of the homes in the area?

Quote from @Neetu Patil: The first thing you should dois visit the property to see if the tenant is still there!

There will always be more risk with something vacant, you're probably going to be counting on one person as your "eyes" on the project (or at least for "security", overall)- and the more hands on/ closer they live / able to visit site frequently, the better. whether that is your gc, a project or property manager, or your handyman/even yard maintenance guy, neighboring teenager, or whoever- this person is key

Trying to get ahead before the area experiences appreciation due to these multi use towers.