Or anything breaks, or there’s any vacancy, or rent caps, or eviction moratoriums, or capex.

That's your ordinary rate, but currently capped at 25%.Bottom line is that good rentals actually produce taxable income, even after accounting for depreciation.

Unfortunately all of my capital is tied up in my 5 investment properties currently...The cash on cash ROI is 15.5% and the cap rate is 12.8% which is quite good for this area (cap rates tend to be around 10%).

Where are you buying in the Dallas area and what kind of numbers are you getting for your cap rate, cash on cash, cash flow, etc. 

I’d like to earn a minimum cap rate of 5%.

The real question is when will 7 caps be the new 5 cap?

In various areas I'm seeing rental % increase caps, 90 day notice for increases, banning or reducing application fees, reducing deposits to 1 month rent. 

Yesterday the Palm Springs City Council voted in additional restrictions on the number of bookings per year, number of permits allowed per neighborhood, and also created a new "Junior" permit which allows 6 bookings per year and bypasses the cap on neighborhood permits.Im curious if this will change anyone's strategy in the Palm Springs market or are there those of you still able to turn a profit despite the new restriction on the number of bookings?

I am having trouble finding any properties that cash flow after considering mortgage, insurance, cap ex, vacancy rate, etc.

Nope not at all, still getting them at about 65% all in , of the ARV with never less then 15- 25% net caps.