Purchasing Condo from Cousin

[Kevin Miller]

My cousin recently approached me and ask if I would like to have his condo.  He lives out of town and is just sick of the headaches associated with it.  When I run through the numbers everything looks good.  He has an assumable mortgage and that I would take over.  The only out of pocket expense is to pay of the title transfer.  He also currently has been renting it the last couple of years and has a renter in there currently.  

The issue is the HOA bi-laws require that if you want to rent out the unit you have to be living in the unit for 2 years first. I was wondering if there is any creative ways around this require.

Any advice will be helpful,