At every point in history of the 15+ years of the site I've noticed the old timers complaining that the site is the worst it's ever been. 

I manage 400 rentals and have only evicted one tenant through court in the last ten years.

Without those benefits, I think I'd just stick the the stock market...easier, simpler, longer history, solid returns over the long term... 

Increased demand for historic district rentals and excellent rental history.

LLC is pass through income so have your bookeeper or CPA take care of everything at the end of the year for your tax documents.

I have heard comments that homes in TX or GA need a major rehab after 10 years, builders use MDF for trim, pressboard under siding instead of OSB sheeting etc As an investor we buy 1960s homes, they have good bones and are worth an update.

And, yes, there are years of data points to validate that just within my office, tens of thousands of dollars of wasted appraisal and inspection fees for deals (mostly not mine, thankfully) that had 0.00% of going anywhere but the "Loan Application Declined" bin. 

Hosts lost tens of thousands of dollars.

Many likely have coverage for their mortgage balance or from many years ago.

If I sell one house per year, it will pay for itself.