If you buy a single family and say oh we could move in, you are restricting your investment.

I am having issues identifying if there are any restrictions.

There are still restrictions on setbacks from property lines, but local zoning and HOAs can no longer stop you based on the state law. 

From an ROI perspective, there is much more money to be made in development, or investing in the booming short-term rental market in the Southeast where laws are significantly less restrictive (particularly in North Carolina, where municipal permitting is illegal).

Also noted, most townhomes reside in HOA communities that have rental restrictions/caps and HOA fees that'll eat into cash flow. 

. • Assessment and collection of costs for this program from the leased units by the authority of the Community Covenants, Conditions, and Restrictions (CCRs), $150/year.

Many of you probably know the „german“ way of doing things...The stereotype would be the punctuality and precision of the people and the public authorities.The reality is the following: a lot of barriers and long approval processes as well as legal restrictions when it comes to owning and handling capital.

There are about 10-12 other resort communities with similar amenities and have no restrictions on how you manage.

It is very challenging to get your AirBnB license unless you are renting out YOUR UNIT or you do 25% of your units if you have over 6 units or something along these lines.The only way I'd advise STRs in Chicago would be if you are going operate a business to scale and had the resources/local knowledge to do so.I'd actually highly suggest Michigan because there is WAY LESS restrictions.

Of course, if your local ordinances restrict occupancy numbers, you can safely follow those ordinances.