HOA to POA with new rental restrictions
Morning, we have a successful investment property (single family home) in Georgia. When purchased two years ago, the home was in an HOA that had no limits on rental properties. The home owners are now voting to change the HOA to a POA (Property Owner's Association). This will effectively cap the rental properties at 5%. The neighborhood is currently around 17% (33 out of 200) are rentals and the POA will require leases to be reviewed and approved by the new Board, if a rental slot is even available.
There will be a grandfather provision in place, which exempts current leased properties from the new rules, until such time as the current lease expires. Then you fall under the new rules. My agent, who has been in real estate for 20+ years states she has never seen a neighborhood change the rental rules and make them effective on homes purchased prior to the change?
I have two thoughts, sell the house and find another elsewhere or I was wondering if anyone has ever created say a 20 year lease with annual renewals that are assignable to new tenants as turnover in the home occurs. I guess I am looking for some kind of a loophole.
Thanks for your time.
Phil