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Updated almost 8 years ago,
HOA woes while trying to rent my home
I live in a townhouse with and hoa in Pembroke Pines. I would like to start aquiring rental real estate so I thought I could start with my townhouse. I would like to move to a SFH and keep my townhouse as a rental since my area has high rents and my mortgage is low.
There is a renters cap in our community so I had to go on a pending renters list before I could rent my home. My turn to rent finally arrived after waiting about 4 years on the renters list. The hoa is giving me 30 days to find a new home, move and find a new tenant for my town house. This is difficult to do especially when i was notified on day 1 when the clock was already ticking. If I cant take this opportunity then I might have to wait a few more years for my turn to come around again.
I tried to rent it to my brother in law and have us as his house guests in the mean time while i find a SFH but the hoa says the owner can not occupy the home and be on the renters list. They say it would be considered a multifamily home which is illegal.
What would you guys suggest I do?