I'm well aware of the adage that it's best to buy where STRs are already regulated so you know what you're dealing with and things are less likely to change on you.However, there appears to be a Tennessee state law (verbiage below) that says if you're already operating as an STR and a law is made that then restricts them, the new law does not affect you as you are grandfathered in.I was thinking this law would protect me from future legislation.  

Granted, in SF, those expectations have been turned topsy-turvy through rent control legislation BUT what rent control does is transfer certain rights of possession from the owner to the tenant (how this is not an unconstitutional "taking," I still do not know).  

I know this will have unintended side effects in the long term, but I see why Canadian taxpayers pushed for this legislation in the first place.

Get involved in your local Board of Realtors so that you can be in the know on what is going on within your local and state boards and what legislation may be brewing that could affect your local or state market. 

Bankruptcies can affect that time line.Moratoriums on foreclosures as Mike referenced were lender specific (Fannie and Freddie, BOA, etc.) and voluntary and did not affect individual note holders in any way.There is some pending federal legislation right now that could affect seller financing and then there is always state legislation that you need to be aware of.I have to disagree with Rich's advice that you should NEVER sell.

also some areas legislate these types of fees so check your local laws. 

But not 2-4 unit properties with an ADU, and not on a SFR with multiple ADUs (that's how I know that precisely zero MLOs were involved in the drafting of that landmark California legislation pertaining to ADUs).That guideline could change in 2 or 5 or 15 years, but that's speculation.

There are simply too many factors that can vary from previous investments whether they are related to the market, economic climate, personnel, legislation, etc.

While that will be harder to get away with due to the new legislation, we also want to remind you that reporting business income is not only the right thing to do, but it can help with your ability to get loans in the future. 

Personally, I feel there should be a multiple choice scantron for legislators to get quizzed on the bills and if they fail they don't get a vote.