I bought a condo unit in a Florida Condo Association 19 years ago.
At the time, there was one rental unit. Now, 19 years later, 25 of the 70 condo units are currently being rented.
Further, the Board of Directors has allowed one individual, an investor living in Peru, to purchase 5 condo units for the purpose of renting. There are no rules against this set forth in our documents, as it was never an issue and the furthest thing from anyone’s mind at the time.
Is this allowed? I certainly did not intend to purchase in a rental building!