Condo assoc preventing investment options

[Erica Bernardo]

I have owned a condo that was purchased 2005. Rather than buying a new property to jumpstart my real estate investment journey, I want to rent it out as I have outgrown it. It’s located in a nice suburb across the street from a local community college. I’m considering an outright rental, room share, or just sell now when I can break even.

My condo association charges a whopping $270/mo (currently) and puts a 30% cap on units to be used as rentals. I’ve been on the waitlist for years and am being told they can’t disclose which units are being used as rentals. I have read the Declaration for the condo (which was written up in 1975 without much amendments thereafter) in which I don’t see anything about the rental property limitations.

I want to start my real estate venture somewhere. I need advice!