Waterloo Student Rental with 7 bedrooms

[James Bronze]

Hi,

I have recently purchased my first student rental property at Waterloo which is 1500 sqr feet with 7 bedrooms(3 second story, 2 main floor, 2 basement) and 2 bathrooms. It was after i purchased that i started reading up on the rental licenses and how they limit the number of rooms allowed to be rented to just 4. 

https://www.waterloo.ca/en/government/resources/Documents/By-law/Residential-Rental-License-bylaw.pdf

However, I see other investors in the area with houses similar to mine and they are renting at max capacity. So either they are doing it illegally or there are methods around this system that I am not aware of.  

Anyone have any similar experiences with my situation? Any suggestions on how would I would proceed? Ideally of course I would want to rent out all 7 rooms.