Our tenants were extremely happy that we required it when a plumbing fixture failed and flooded the house (this is extremely rare, so don’t let it deter you.) 

:(    Owners just do NOT have enough stress:  under water, extreme deferred maintance,  loose of income and behind on payments. 

Now the regular pages are just the same words I hear on podcast.When I started my one and only SFH I spent 1/2 year longer renovating than I planned almost doubled the budget, moved a family of four and a dog into a 700 sq ft home, slept in laundry room had no a/c(I work in extreme heat) almost got a divorce, lost 600/month for g months longer than I planned, had cops called when I found perfect tenant three times in two weeks had “maintenance calls” three times in in a month.

There is another test you can try for which is a flat 500 hours, but that is extremely hard to justify on just one rental. 

I would like to find someone that can identify things that a) don't have asbestos and thus don't need to be tested (e.g. kitchen cabinets)b) things that  90%+ likely to have asbestos and thus should be treated as having asbestos (i.e. handle with extreme caution.3) Is there some certification that I can get that states that a home is asbestos free? 

As you said, having 6 months of rent coverage Is extremely important.

I do recognize the GR is an extreme case and hopefully we do not experience anything similar to GR.So their theory does not match my reality as someone who actually had well established STRs at the GR.I suggest you be leery of people who present theories without any experience related to their theory. 

In all honesty, this rental increase in a depressed area makes me wary that future increases will be more unreasonable and more extreme, and I should "get while the gettin's good."

There are definitely 2 schools of thought, finance nothing buy everything in cash, or less extreme version that encourage not taking on debt to invest - the "vermillion school".

The cost of living is extremely low compared to other cities and you can still many many positive cash flowing and 1% deals here.