However, it's important to carefully evaluate the potential investment and consider a variety of factors before making a decision.One thing to consider is the demand for short term rentals in Grand Rapids.

I am sure so of the same problems are occurring in the Bay Area.It seems that the local city rules and state rules have been changing so fast in California, along with the demand spike in demand, that the planning and permitting offices can't keep up. 

Many of these markets had vacation rentals long before airbnb so risk of regulation is low, and demand should continue to be strong as more Americans migrate to the south for employment and housing opportunity. 

However, even with all this working against NY, it still continues to be in great demand and continously on the rise.

The reason is simple – a market with strong and steady employment trends attracts more people to live in the area, a higher demand for apartments and other types of multifamily housing, a stronger tenant base, and therefore a more reliable investment.

Proceed with caution when putting your personal home at risk (i.e. low LTV in case you have to sell your home, other sources of liquidity/retirement plans, high demand W-2 skills in all market conditions, etc.).

That being said, I think Chicago Heights has a strong demand for move in ready, owner occupant buyers who seem to be FHA financing candidates.

That instability will most likely lead to much less demand in my area.

Construction has halted and my contractor has been forced to move to another project for the time being.To put some icing on the cake, the bank is still demanding I pay interest on the full amount of the loan including the construction escrow. 

When looking from a supply/demand, econ 101, perspective, you have a very limited supply of multi's.