One of the common areas of concern for HELOCs I see out there is the 10 year maturity date and the adjustable rate. 

You are required to live in the property for three years in order to reap the benefit of the 50% mortgage.

In that case after 12 months you can change the VA over to a conventional loan, this leaves you clear to then take your full VA loan benefits and get another 4-plex (only if you Owner/Occupy).

Brother A gets mad because brother B keeps inviting and conveying the benefits of ownership to D and E who haven't put any money in....Or brother A wanted it to rent it enough to offset his payment but B and C want to occupy it the popular weekends...

Jared,Take a look at these articles and I think you will be able to make a decision.http://www.themoneycommando.com/umbrella-policy-vs-llc-asset-protection-part-1/http://www.themoneycommando.com/umbrella-policy-vs-llc-asset-protection-part-2/ They dive into very detailed explanation as well as many risks/benefits & possible scenarios in which makes better financial sense.

I figure I am going to rent to students and if I remove the dinning room then I would benefit in having another rentable room and making it a less desirable party spot.

I figure I am going to rent to students and if I remove the dinning room then I would benefit in having another rentable room and making it a less desirable party spot.

The calculations are also impacted by your current income which impacts the tax benefits of your properties. 

These are still relative bargain pricing ( long term thinking) and mostly under previous peaks inflation adjusted. 

Having moved from Germany to the US myself I understand the challenges and benefits of investing in US real estate.