My mother lives in a 12-unit condo in Illinois. The condo association wants to change the bylaws to allow renting in a maximum of three units at a time - not counting those rented due to hardship. This is to comply with FHA requirements of allowing renting to be eligible for FHA loans. My understanding is that allowing one unit for rent at a time would satisfy the FHA requirement. With such a small building, having three (or more) rented units might decrease the value. People could be moving in and out pretty regularly since they will limit the rentals to one-year leases with a one year extension if there are no problems with the renters. This would also allow for different owners to take advantage of renting if they choose. What are the pros and cons of allowing 25% rental in the building?
Answers (17)
What are your thoughts on this topic? Please share your answers below. We ask that you remain respectful of each other, and be advised that responses are monitored.
