Tenants as Part Owner of LLC

[Tom O.]

Hello.

I am in Georgia. I am looking at buying an investment condo which currently has tenants. The HOA is currently at its Owner/Occupant capacity and the rental rights do not transfer. I was advised that I could set up an LLC and put terms in the lease making the tenant part owner (1%) of the LLC and that this would satisfy an owner occupant requirement. At the termination of the lease, the tenant would be disassociated with the LLC. I have discussed this with a property Attorney. Any thoughts on this?

Thanks for you insight!