Holding properties with no mortgage you get killed on taxes and a relatively low total return vs even conservative 50-70% leverage. 

You likely have a good interest rate based on purchase date, and you have a property tax basis that stays low if the market ever recovers.

I was hoping to find another 100% commission brokerage to keep costs low.

I have a mortgage on that property.In about 6 months, a family member is going to sell me their house for an extremely reasonable price.

STRs in most areas make up less than 5% of the housing but they consider it low hanging fruit.With that in mind, I wouldn't be surprised that the new city council would start to look at restricting STRs.

If prices were coming down because of interest rates going up, but she had a low rate, then taking over the loan, while giving her the lower valuation, and subtracting all closing costs, including a sales commission that wasn't paid, might look as if all the advantages went your way.

I don't like low class neigborhoods for holding.

This is extremely common in the Detroit market, but it seemed very odd to me initially also.You simply put an inspection period in your offer so you can walk it and decide if it's for you or not.In terms of rent rolls, etc. you may not be getting a response on this for the same reason.

The banks don't want to give you a low interest rate that might be higher if you closed with an LLC. 

I'm financially stable with good income, low debt, and good credit score.