Doesn’t take much for both of those to move in the opposite direction and that $26k can shrink quick.

Every situation on every property is different - even with the same investor, doing similar deals over and over again in the same town, with the same lender, each deal is unique and will come with individual circumstances, and as your business grows, shrinks, or dies, your ownership and business strategy will change.It's likely that every attorney you would ever speak to would give you their own unique "flavor" of advice, but I think you are on the right track by getting multiple opinions.

What if you can't sell because the buyers pool shrinks because lending practices change?

Here are my answers to your questions:1) Yes, but it isn't just due to home values at retail prices appreciating, it is also due to the shrinking shadow inventory of REOs and other distressed property deals - especially in the better areas for rental properties. 

Its a result from the acceleration of home appreciation and shrinking inventories of product for the traditional residential investors. 

I think the total number of agents will shrink significantly because it is no longer easy for sub par agents to sneak by with 3/5 deals a year.

And with a shrinking population, that means buying a house will only get cheaper over time, dragging on rents.Pros:Here is the opportunity I see.  

The more confidence the sellers have on the housing market, the less sellers willing to sell their properties, and inventory will keep shrinking, and price will keep continue moving up. 

is area growing or is population shrinking?

Actually @Michael Lee, Chicago has a shrinking population. only large city in American to have lost population over the last couple of years.