Ive challenged them on this since there was not vote by the homeowners, that im aware of, and they essentially quoted as 2008 law  that says the the board can: (18) Exercise any other powers necessary and proper for the governance and operation of the association.The reason they have implemented is that there was a bad landlord that allowed a tenant to rent that eventually got busted for drugs.   

Having this in mind will also affect the decision making process when analyzing the location, the projected monthly rents, etc.Just be conservative in your underwriting and implement strategies to protect the downside before anything else.Good luck!

If we implement his plan, the one unit will have three tenants:1.

I’m wondering...(1) If the association decides to implement a no renters policy and I already have the tenants in the unit, am I protected under a ‘grandfather’ situation, or could they force my tenants out?

Having said, it depends on what your strategy is.If you implement the BRRRR strategy (look it up if you are unsure what is), you can get that type of return.But if you are looking for a  turnkey property to rent out, it will be very difficult to get a 15% CoC return in my opinion.

Know what your next step is if they refuse to comply and be prepared to implement it immediately.

In the near future, I would like to get involved with flipping properties and implementing the BRRRR strategy.

I am looking forward to implementing what I gain here this year and increasing our cashflow while becoming more financially free. 

This is a value add play, which incorporates a bit of a flip strategy, but still allows you to have income while you implement your plan.

Personally, I am looking to implement a similar strategy on a new build within a couple of years.