Read through the by-laws and know them well.
My wife and I have a condo rental property. It was my wife's condo that she bought before we met. When we got together, she moved in with me since I owned a SFH and had a fenced yard for our dogs. We were in a negative equity position with it and had to make a choice of either renting it "under the table" or we were going to walk away from the property and let it go into foreclosure. She was on a waiting list to be allowed to rent the unit and had been on the list for years but because of an "old boys club" of board members who kept voting themselves back into power they kept allowing select people to have the privilege of renting their units even though they were sitting vacant. The waiting list never changed. We opted to go with choice one (Not advocating to do this by any means just telling you what we did) and rented it to a friend of her sister. Then about 6 months later there was finally a board change (lawsuit of fraud involved against the old board), we got approved by the condo association to rent the unit. We came up with an official lease agreement and submitted that to the association. Our tenant moved out of state for work a few months later and we got a new tenant within 2-3 weeks. Fast forward 3 years later and we still have the same great tenant.
The values have recovered enough at this point where we could sell it, but it's cash-flowing pretty well so we're going to hang on to it.
Here are some of the Cons of renting a condo:
1. You will have to deal with rental % limits.
2. We're basically are only allowed 60 days for tenant turnover. If a tenant vacates and we cannot find a new tenant within 60 days we lose our spot to be able to rent the unit.
2. They could do a special assessment which could eat up all of your cash flow in an instant.
3. Condo association dues can be pretty steep. Obviously you would factor this into your numbers. Our dues are almost as much as the mortgage payment.