I'd be VERY VERY cautious - five studios sounds like some sort of family reunion trip. Those things often end badly on points.
Cancelling a
DVC reservation isn't like cancelling a hotel room. Very often the member CAN'T help you move around a reservation or refund your money - they are simply "out" the points when you cancel (or rather, the points are so restricted they might as well be out.)
Family reunions often have this sequence of events.
1. Hey, lets all go to Disney! Who is in!
2. I'll get the rooms, you guys can pay me later.
3. Yep, everything is all set, can't wait for the trip.
4. Oh, I'm sorry to hear you guys can't go. Yes, yes, I understand - we will do it some other year.
When you hit #4 with everyone making their own plans, each individual is out their own money. With a CRO reservation, they may get every penny refunded if they cancel early enough. Not generally with a
DVC rental.
Owners themselves, with a good understanding of how points work and putting "just points" at risk often end up with really hard feelings in this situation - particularly when the reason for cancelling is somewhat weak - which it often is.