Renting in a complex where the HOA forbids it?
I farm to a particular condo complex in my market. It's a great area with a strong rental market. However, the HOA has restricted rentals in the complex; no owner who bought after 2010 can rent out their unit but instead must occupy it themselves.
I ran a search recently and discovered nearly 10% of the owners in this complex are violating that rule! That's right, 23 owners have purchased since 2010 (many of them within the last two years) and are absentee owners. What I noticed with every one is the tax records indicate the units have "no occupants." However, not one of the units in question is vacant.
Are they legally working around the HOA rule? I know the HOA regularly sends out notices that fines will be assessed if an owner is caught illegally renting their unit. From my experience, an HOA can do more than fine the owner. Why would they take this risk? What am I missing?