HOA Rental Waiting List

[Tyler Vinsand]

I purchased a condo a little over a year ago, not realizing the HOA has a rental cap. When I bought the property, I was 12th on the wait list... 13 months later and I'm still 12th. While I like living here, I'd like to turn this into a rental within the next few years. I have equity in the home but do not want to sell it.

Lesson learned to read the fine print of the HOA rules prior to purchasing! I also understand condos aren't the most ideal asset class because of dealing with the HOA. With that being said, has anyone dealt with a similar situation in which they rented out a condo while being on the rental wait list? Is it possible? If so, what are the repercussions?

Thanks in advance for the advice!