It was a hassle (we had full insurance, but the rates increased significantly but we had large payouts twice), so we sold it. 

While the ordinance went into effect on October 10th, the large response to the Call For Action yielded an initial ‘grace period’ of enforcement until November 9th.Below is the summary of the ordinance.

The issue is that after a high LTV refinance to extract the value add, the property is large cash flow negative.  

Best uses: Large estate with mother in law homeSmall development with 1/2 acre luxury homesTiny home communityOffice spaces made up of tiny home officesSmall retirement communityRestaurantsFlex warehouseCommercialThe property has approx 40' of Wilmeth Rd frontage.

We're part of a large group of STR hosts and people use Rankbreeze or Intellihost a lot!

That should attract a savvy renter that performs well because they want to protect their credit or the large deposit.

You likely can just keep your original loans unless they loan sizes are large and rates drop enough to justify a refi.

The entity would need to be pretty large for a state to bother with it.   

Can't speak to the organization in Michigan but generally the benefits of a well run STRA far outweigh the costs.I am a property manager in Hawaii so we are constantly being hit with new anti-STR legislation and have a large, well-funded hotel lobby to deal with constantly.

I'd imagine the interest rate plays a large role in what discount is given, along with house value, down payment and credit score of mortgagor.