JoeEven if you can find a way to get a license, I don't know why you would.According to google, Las Vegas has 150,000 hotel rooms, and occupancy rates are at ~75-80%.

If your rate is low on the 5 unit, I might consider the possibility of a line of credit for my equity instead of an entire new mortgage.  

(never heard of them) for triple the rate of the old policy!

Big companies expanding in the area means employment and a strong tenant pool and high occupancy rates.

If you are too high, market rate customers will ignore you. 

I chose Chase because they had a lower rate than the local lender I talked to in Alaska but now I can see that was a big mistake.

Since HELOCs have a variable rate, you’re banking on rates staying the same or decreasing.

I would set up a family trust, if you have a ton of equity maybe you refi the properties into an LLC but if you are locked in with lower rates then I wouldn't touch the ownership piece yet. 

Personally, I'm on a hiatus until rates come down a bit.

@Ramada EvansBefore putting in any offers, I would make sure you know what the going rate is for a 12-month lease in your neighborhood, for a similar property (in its current condition and if you updated it).