House Hacking Fail

[Palani Willingham]

I recently bought a condo with the intention of converting it into a rental after a year of living in it then buy another primary and repeat the process. I used a real estate agent and told them that was my plan. After moving in, I read an article on my community saying that a man was forced to evict his tenants because no renters were allowed in the community. As you could imagine, I was very upset because this meant that I couldn’t house hack my place and turn it into a rental. I felt like my real estate agent failed me because he overlooked that huge factor about the property.

This leads us to my dilemma. I’ve only lived in the place for 5 months and I don’t know if I should:

1) sell the place after a year and buy another primary

2) stay in the property for 2 years to avoid capital gains tax

Please let me know your thoughts. I’d appreciate any advice.

Thanks!!