2/2 Condo Purchase I made, can't rent for 1-year, looking for advice

[David Paul]

So I got a little a jiggy with my first real-estate investment deal.  It was a 2/2 Condo, in decent enough shape, that I made a cash purchase.  One of the biggest draws for concerns was that there was a stipulation from the Condo Association that I cannot rent it for 1-calendar year after close.   I glazed passed that because the square footage price I received compared to the comps in the area was a good deal.  I met with the Condo Association for an informal get to know you and I got a horrible feeling.  My immediate impression was that they are going to make it very hard for me to put anyone in the condo, as they have to approve all tenants prior to the leasing.  So now the cruel reality sinks in.  Do I try to upgrade and sell?  Do I hold off for a year?  This particular piece of real-estate needs to be marketed to someone looking to actually live there, as no investor is stupid enough to buy something they have to sit on for a year (except for me).  

[Jay Hinrichs]

@Steve Babiak 

  Remember how hard it was For Seinfeld and friends to rent in NY.. same principal.. Then you had the board at Del Boca Vista and they were a tough group !