Fort Lauderdale, FL · Member since 2016 · 34 posts · 4 votes
Has anyone ever came across buying and renting out a condo and having the association stating that they can't rent out the unit for 1-2 years? If so, have you found a loophole in this?
This is very common. Some HOAs don't care. Others are very strict and the fines you will get will be well above whatever rent you collect. One place I own now has the no renting for 2 years or a penalty of 3% the purchase price of the unit. That works out to about 25% - 30% of the rental income for those 2 years.
There likely is no loophole unless there is a law that prevents this. There have been stories of some people buying the unit under an LLC and putting the renter as 1% owner of the LLC. Technically it is owner occupied, but I wouldn't want to try and defend that in court. Doesn't exactly pass the sniff test.