It also depends on what type of heating system you have.

The other issue, depending on where the home is, homes in the million dollar range may be harder to sell.  

A lot of this depends on your own market.

The % below Market Value depends on your ability to do a good Search for one that you can get at a Discount.

@Himanshu JainIt all depends on how aggressive the board is with rentals and it sounds like this Association sticks to the rules. 

Depending on the market where you are, and whether you can find a great deal on a HUD/203k, that may be an option that is available to you (like it was me) that isn't available to most investors.

Their fees vary often $150-250/hour.

I know people in no-permit areas that can close on a house on the 1st and have it on the market on the 31st depending on what it needs.

If there is a "grace" period, does anyone know how long it lasts or does it vary? 

@David Zheng You know that's kind of impossible to answer really depending on condition, rental rates, etc...but I'll play, my assumption is the condo building would be worth more because it is more likely owner occupied and have a HOA and what not.