HOA board is forcing all of the investors to sell their units!

[Brian S.]

I just received a letter from a law office that is stating that my tenant has 30 days to leave the premises or they will start charging me $1000/day. They are stating because I never lived in the Condo unit myself, I am not in compliance. That the rules are you had to live in it for a year and only 10% of the complex can be rented out.

The problem is I have owned this condo for 7 years and been renting it just fine. 44/60 units in this complex are rentals. I just called the property manager and they're stating that only one of the rentals was found to be in compliance which means they're expecting 43 units to hit the market in May. The new HOA board is obviously upset there are too many renters in the complex, but this is madness. Can they really do this on an old statute that previously was never enforced? If that many units hit the market at once, we're all going to be screwed on trying to sell. Does anybody have any advice about this, or experienced something similar? I recognize I should have been going to the HOA board meetings, but I had no idea they would do something this drastic.