condo association requirements

[Crystal Swenson]

Hello! I'm investing out of state and running into a requirement across multiple property inquiries (mainly condos) that wants the owner to live in the property two years before renting. Since I'm out of state, I don't want to do this. Has anyone found any solutions for this or tried contacting associations regarding this for exceptions? Thank you! 

[Greg Scott]

Yes.  Don't buy condos.

Compared to a single family rental, condos can be problematic as investments. Often people think it is the easier play, but for many reasons, it is the opposite. You have run into one example. There can be many other restrictions. My wife lived in a condo for three years that had two major special assessments. Had that been a rental property, her annual cashflow would have been basically confiscated by the HOA. Also, what do you do if your neighbor is a hoarder but owns his place? Your tenants will all move out and you have little recourse.