Buying into a Lake Association

[Ryan Fernholz]

Hi, All.

I'm looking at buying a rental lake home within a lake association purly forcrenting. The current HOA rules state that the house can not be rented fir less than 7 days. This is totally fine with me as this fits our renting strategy anyway. What I'm concerned about if the association changing the rules. According to the association president, most of the owners within the association rent their cabins to friends and family only and frown upon "outsiders". I would be marketing to VRBO clients. The house I'm buying within the association is the largest house of the group and it is set up perfectly for renting to large families. It would take much remodeling to be a single family house if I ever wanted to resell it for that purpose. I'm afraid the association will want to change the rental policy to either limit to a 30 day minimum rental policy, or none at all. I am willing to take the risk as they would only be hurting themselves since they all rent weekly to their friends and family.....and the cash flow is juicy. Anybody have any experience when buying into an association and trying to rent to VRBO clients? The association is mostly older folks and try like their piece and quiet. I'd really hate to buy this thing and have them change their rental rules. I'd be screwed. One drink uncle being loud around the campfire might set them off I fear. Or, I take the risk and reap the rewards as long as I can. Thoughts?