The interest rate would be locked in at 6.875% with first year at 4.875% and so forth.

Nice user interface, simple to set up, free door lock automation.We migrated to OwnerRez because we wanted a direct booking site and security deposits. 

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. 

They replaced the locks, shoveled the driveway, took photos, and are listing it today.

But, if they are using RE as a wealth savings device, that is ok with me.

.- Most cities do NOT care if an owner lives in basement, but will not allow a tenant to unless baement has legal egress window.3) Check local statutes if any limitations on how many unrelated roommates are allowed.4) Check with local building dept to see if rental inspections and corresponding requirements.5) Local statutes allow locks on bedroom doors?

Refinancing next year would likely allow you to lock in a potentially lower rate than the 8% you're currently at, especially if the market conditions continue to favor lower rates.Avoid Duplicate Fees: You're right in thinking about avoiding duplicate fees for the refinance and HELOC.

Seems very locked-down to Zillow listings in their current as-is layout.

I've heard of people being able to lock their HELOC rates after opening the line of equity. 

I approached them and told them our plan to convert the space (assumptive sale style) and offered to renew their lease and lock them in for the same rate for 18 months at the same time.