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Updated about 8 years ago on . Most recent reply
Leasing permitted after one year clause
Hi All,
I am considering purchasing a small condo with a silent partner who would occupy the condo . For various reasons I won't go into, the condo would be purchased in my name only. Some of the condos have a no leasing for the first year restriction, which I understand is to keep out investors. I wouldn't be making any money on this property until such a time that the property is sold, assuming the value goes up. What's in it for me is that I get to help a friend and she builds the equity by making the monthly payments. My question is just how to deal with the HOA. If I am not a primary resident , can I claim there is no lease and my friend is my guest? Has anyone ever dealt with this before?