HOA regulations on rentals

[Roshan Khatri]

Hi,

First of all, I start by acknowledging that my research wasn’t enough and I might have rushed a little bit.

So for the problem, I was looking to start my investment in rental property for a side income and found a small condo walking distance from the University. It had a great view, plenty of amenities, ample street and indoor parking anything that I would want as a renter. It was right within my budget, made an offer, was accepted and ola, my first investment property.

I did some minor renovations and put it on the market for rentals but then I received a letter from the association stating:

1. I can’t rent out a property unless I have owned it for at least a year.

2. The maximum and minimum duration allowed for renting a unit is a year!

So now not only I have to hold it for a year but won’t be able to rent more than a year till I wait for next 4 years for the cycle to be repeated again.

I should have read the fine lines on the HOA documents more closely, but now I am perplexed with the situation and the monthly mortgage I owe the bank.

Any advice, suggestions would be happily received. Thank you