I am looking at purchasing a home via auction (tax deed sale here in California). My question is - I found out that the house that we are interested in, is in a 55+ community. Neither I nor my wife is at that age yet. Is this going to be an issue? Are we allowed to own the house in the event that we won the auction? I would appreciate it if you guys can share your thoughts on this matter.
By the way, we are still undecided if we are going to rent this out or flip. If we rent it out, does the tenant need to be at least 55 since this is a 55+ community?
The community will have homeowner association documents that spell everything out regarding residence in the community. There will be articles, bylaws, covenants (i.e. CCR's). Ask the association and they will give you a copy, perhaps for a small charge.
Thanks for the input.