Investing in Condos

[Laura Gershman]

Newbie question - I'm interested in investing in a condo as a rental property. How does one know before putting in an offer if the HOA will allow the unit to be rented (not owner occupied). My understanding is that most HOAs have a certain percentage cutoff of units that can be rented. How would I find out if that cutoff has been met? Do people just put in an offer and wait until it's accepted to find out, then pull out of the deal if not allowed? How is this usually done? Thanks!