Best regards to ALL,R.

Great write-up, @Peter R.! 

Many older developments do not have CC&R's (the doc containing what you are referring to) that prohibit or allow it.  

@Justin R. - Thanks for the info and thoughts, I am definitely giving "is LLC necessary" some consideration.1# - Great.

The area has a lot of multi-families that are all zoned as R-6.

.; and I called it "security toward last month's rent" because rent might increase before that last month.But I have stopped getting that last month of rent with my most recent tenants, relying on my really thorough screening practices to identify those more likely to pay that last month's rent when they have given notice that they are moving and not violate the lease by trying to have the security deposit used as rent; that was to avoid dealing with the question raised by @Brian R.

Im just trying to figure out if there is anyway possible to change it from "O-S" zone to maybe "R-E" Residential Estate. 

Thanks @Samantha KleinJonty R. $500,000 personal liability is pretty good for a condo unit.  

I've looked at my CC&R and it states they cover up to the first $5000 of damage that comes from outside the home.

@Trey R. simple short answer is Meber rent to someone that is currently going thru bankruptcy, they could drag your rental into the bankruptcy.