Renting coops after not being able to sell after 4 months

[Igor G.]

Hello people of BiggerPockets,

I am a long time lurker but first-time poster.  I live in NJ and have been taking real estate classes. While going over material, there was something that stood out to me that I didn’t know before. Basically the textbook stated that, there is a new law in New Jersey, that if you try to sell a co-op, for the same amount or less then your investment, but aren’t successful after 4+ months on the market, then you can rent it out, regardless of any lease bylaws the board of that co-op has for renting. 

My question in the class was, how they define “investment” in the property, if they refer to just the mortgage principal, or if it includes any improvements done inside the unit. 

I have been searching online, but can’t find any law or regulation that explains this. Does anyone know what the book was talking about, and can point me to where I can find this law?   Thanks!