A lot of condominiums have rental restrictions.

INVESTOR ADVANTAGE PROGRAM HIGHLIGHTS No personal income used to qualify**Qualification based on property cash flow**2 years seasoning for foreclosure, short sale, bankruptcy or deed-in-lieuUp to 80% LTV, no DTI restrictionsNo limit on number of properties financed (5 with CMS)Loan amounts up to $2 millionSeller concessions to 2%First-time investors allowedEscrow waiver permittedNo reserve requirement for the Investor Advantage Program1x30 in last 12 month on housing history acceptableFICO down to 620Non-warrantable condominium OK

@Paul Sandhu @Jon CrosbyI don’t know if there will be a problem with HOA, but there are 10 STR in same condominium community.

It is a small condominium unit currently managed by a small local property management firm.

Investment Info:

Single-family residence buy & hold investment.

2/2 Apartments - Rental Unit

How did you finance this deal?
FHA Loan

What was the outcome?
Rented apartment

Looking to see if there are any examples where a large single story commercial property in a downtown was replatted to allow for the sale of townhouses rather than creating a condominium structure. looking to turn it into 11 market rate lofts for sale. would like to find some precedence prior to going to local P&Z. easements would be recorded and common spaces would be maintained by a member HOA.

The concept of condominium is a definition of ownership vs a property style.

I own a condo in a multi-unit condominium in Manhattan. 

I don't believe S8 changes it.L. (2) AN OWNER OF THREE (3) OR FEWER CONDOMINIUM OR COOPERATIVE UNITS WANTS TO PERSONALLY OCCUPY THE UNIT OR HAS SOLD IT TO A BUYER WHO WISHES TO PERSONALLY OCCUPY IT.https://www.state.nj.us/dca/divisions/codes/public...

Purchase price: $70,000 Cash invested: $30,000First rental property I bought was a condominium from a good property developer in the Philippines.