I am here in southern California and homes are still selling in less than 2 weeks.The agents that price the homes correctly will get multiple offers and sell in less than 2 weeks.The agents that price the home extremely low for marketing purposes will get 20 offers on a home.I tend to price the home slightly higher than the market and see if any buyers will bite, if not we typically adjust the price down over a course of 30-60-90 days down to the price where we start to get showings and offers. 

Yes people lose it all, typically because of over leverage or crazy events like 2008 - but if you also have cash reserves you can offset any downside to minimize risk even moreWhen people start using lines of credit and seller financing at 90-100% you are correct those people have a very high chance of losing it all.

The 70/30 was a typo so the correct split would be 80/20.  

Has tax law changed recently or am I not filling out a form correctly?

Structured correctly, entity paperwork in line, we're sure about credit and liquidity, we have the title and insurance contacts, we have pic IDs. 

Correction coming, already started. insurance through the roof.

You Do not need an LLC.Moving it could trigger the Due on Sale clause or invalidate the title insurance.Just take care of the property and have the correct STR insurance. 

Hire correctly and your rentals should be very hands-off.

That's correct.

Did you read NAR's response to the media this week "correcting the record".