Condo association limits rental option. Now what?

[Stephen R.]

I am looking for creative finance options that will help get a seller out from under a condo with a FMV below what he paid. This is not a potential short sale, (and the seller won't accept that as an option) but in a market with flat appreciation the closing costs and realtor fees will bring him below what he paid about a year ago. The property would be a great rental but the association is at their 49% rental cap.

Is there an option that involves terms, or something similar (much like a lease option) that would allow a buyer to pay more over time while still transferring ownership now?