@Justin Witt - A transfer most likely will trigger the Due on Sale clause (DOS) - and while in the past, in an environment of falling interest rates and prices might been a rare occurrence, like they say, past performance might not apply to future results, and with rates increasing and "aged" loans (where the bulk of the interest was already collected, since you pay most at the beginning part of the amortization schedule) the banks might be more interested in collecting on the DOS clause and redeploying the money at higher interest (especially if the valuation of property makes for an easy sale in case of foreclosure).

Keep in mind that rules and regulations (and expectations) can be very different in Europe from what we are used to in the US.  

@Matt Millard With a master's degree in economics, I feel about as certain about the impact of negative interest rates as any armchair economist.This is uncharted territory.We can look, historically, at the impact of prolonged interest rate manipulation, but our economic environment really is so different today.Thought #1: Capital and labor markets are more fluid than at any time in the past.

That said, New Jersey taxes and the general economic environment in the city lower the upside.

As people are scared out of the city it leaves a less competitive environment and those who learn to deal with it will prosper.As to the other part of your question, Minneapolis ordinances are just restricted to Minneapolis. 

@Christina Webber - There are 3 areas in the White Mountains that I know of that are considering STR regulation. 

Most people that complain about low cap rate environments don't understand the nuances of real estate.

I recommend a new M2M lease.For now your state landlord tenant regulations determine the basic operating guidelines.

But since I have been able to achieve an 18% + average weighted return on my performing note portfolio, my situation may not be the general experience.you have a definite herd mentality coming into the NPN space.. those that have the capacity and tenacity to work those notes will do fine those that think they can take a course and think these are in some way an investment.. some of those folks are going to find out how tough it is and how regulated it is.. but just like anything. the harder you work the better the outcome.. 

An excerpt from the article: “Lynn Grosso, director of HUD’s Fair Housing and Equal Opportunity Enforcement Office, told the Land Use, Property Rights & Environment Committee that a predatory cottage industry has developed for assistance animal certifications.