I would still do due diligence such as whole property inspection, lead inspection (depending on when the property was built), appraisal, etc. 

There is a lot of variability in this answer and, like all things in real estate, it simply depends. 

depending on how backed up the county is it can e take a few months for court date. in essex county it took my mother in law about 8 months or so for the full process. she had an attorney, not sure if that sped anything up

I understand that these rules vary depending on the state, but any thoughts on this?

I think you can go as high as 15% but it's cutting into your margins and depends if you are a GC yourself or not. 150k is close to a million or more.

The idea of debt-free is that if a person is going to retire and has to completely depend on the income, they don't want a severe recession surprising them and causing them to default on the debt and losing the properties.In a normal world, I would do that as well.

HELOCs on rentals are rare, and depends on where you are located.

-Depending on your gain above, you could get a partial 121 exclusion and a 1031 on the townhouse.

.- Complex process - Requires financing - Dependent on market conditionsAirbnb:Pros.- Potential for higher returns - Flexible pricing - Short-term commitmentCons.- Requires active management - Subject to regulatory risks - Income can vary seasonallyI wish you the best in your new venture.

It just depends.