Rent control is legislated cage match between tenants and landlords.

Have you looked in to local local legislation?

It's a good thing to think about how to handle in the future, and something to ask your local legislator about introducing legislation similar to the proposed MI law if something similar isn't already on the books in WI. 

Just my 2 cents: why don't you take that money and put it somewhere without a lot of legislation to wade through, who'd be happy to have your money, that isn't a overcrowded, over searched metro area with a lot of real estate inflation.For example: Rural town that just got a med school permit. 

The legislation in CO differs from county to county so it's super super important that you check what the location ordinances are.I personally chose those cities because they are STR friendly, only requiring either a permit or license.

I don't mind taking pets because it's a SFR with a decent-sized yard and a chain link fence, and it has hardwood, vinyl, or laminate floors everywhere.The language I have in the lease about this says I get to meet the pets before they move in, states the pet rent fee, and also mentions that the city has breed-specific legislation for dogs (no pit bulls). 

that legislation has been stalled for a while. 

In a PMA you create a private club that's non-legislative in nature. 

I'd be curious to hear from folks that have lived in the areas around the investments - specifically, things like average issues with travel during weather events, how responsive the state is to new legislation, etc. 

If you are in Canada you probably saw BC has introduced legislation to ban airbnbs in a lot of areas and those are general areas where arbitrage had the most margin.