If I want to evaluate the following limit: $$\lim_{x \to \infty} \frac{1}{\frac{1}{x} +x},$$ is it valid to use regular arithemtic rules to come to $$\frac{\lim_{x \to \infty} 1}{\lim_{x \to \infty} \frac{1}{x} +\lim_{x \to \infty} x}?$$ Evaluating existing limits gives $$\frac{1}{0 +\lim_{x \to \infty} x},$$ but writing something such as $$\frac{1}{\infty}=0$$ does not seem legal, although it feels intuitive that the limit is $0$ from the first expression.
Is there a more sound way of stating this? Perhaps with different laws of limits which I seem to be lacking knowledge of? Thanks in advance for your help!
No, because the second term in the denominator does not have a (finite) limit, and you cannot mix "regular arithmetic rules" with infinities.
You could derive it (correctly) as follows:
$$ \lim_{x \to \infty} \frac{1}{\frac{1}{x} +x} = \lim_{x \to \infty} \frac{\frac{1}{x}}{\frac{1}{x^2} +1} = \frac{\lim_{x \to \infty} \frac{1}{x}}{\lim_{x \to \infty} \frac{1}{x^2} +1} = \frac{0}{0 + 1} = 0 $$
[ EDIT ] Additional notes, prompted by the comments.
This would follow by the "regular arithmetic rules" from the limit properties for sums and products if all limits existed and were finite. But one of the limits is not finite in this case, so it does not follow by those rules.
If the OP is familiar with (and is allowed to use) the extended reals line, then the result would follow from the arithmetic operations for extended reals, in particular $\,\frac{1}{0 + \infty}=0\,$.
This is wrong in general, because it is not allowed to take the limits of only some of the expressions involved. Doing so can easily give bogus results e.g. $\,\lim \left(1+\frac{1}{n}\right)^n=\lim \left(1+0\right)^n=1\,$.