Home in HOA - Rental Restrictions Being Proposed - Washington St.

[Jesse Kindra]

I'm looking to purchase a home in an HOA (already have several in various HOAs with different rules about rentals). As part of my due diligence process, I've contacted the HOA to obtain the CC&Rs. While on the phone, they told me that while there are no rental restrictions today, they are working on proposing them. From the conversation, my understanding is that there is a proposal for a cap. The HOA claimed they came close to a super majority for approval and will try again and this may take a year. I do know that a big hedge fund, Invitation Homes, has a number of houses in the community and would obviously be impacted so I wonder how pro-active they are going to be on this issue. With that info, any thoughts on how you would proceed? Take a chance and purchas (it's an REO and at a good price) and exit if needed? Do you think they are blowing smoke? Any other thoughts on downsides? Any laws that are Washington State specific that may impact this? Thanks all.