We did waive a late fee for one tenant back in April & May when they had a temporary pause in their employment due to shutdowns, but they applied for unemployment benefits which more than covered their rent, and they quickly caught up. 

Those are for rental properties, not for flips.What you normally have on flips is ordinary income plus 15% self-employment tax.

Will employment tank and take the vacation market with it?

The city's real estate market benefits from the presence of large employers like NASA and the U.S.

In my experience most agents are 1099 self employed contractors working on 100% commission, but there is no rule about that. 

Population is growing aggressively and jobs are moving here especially with major employers like Intel, Google, Amazon, Nationwide, etc.

A couple common examples where you the investor are now an employer...If you hire Joe Bob the day laborer and pay by the hour - your state would probably classify them as your employee. 

I wouldn't get full employment at a very chill job.Security , Mall job. ., etc. 

In fact my former employer who owned and managed a portfolio that exceeded $1B utilized an asset protection system more simplified than what you propose.

People could just not pay, regardless of employment.