Q. Our Association consists of eight units. Three owners are currently renting out their units.  An owner in a fourth unit is moving overseas and has not sold yet so her unit will inevitably end up as rental property.   Because of this, the Board is in the process of amending our Declarations and Bylaws to include leasing restrictions but we are facing fierce opposition from the owners that no longer live in the building.

None of the four remaining owner occupied units want to be landlords and did not purchase our units intending them to be income property.  Our fear is that with half of the units being leased no one will be able to sell because banks are now strictly scrutinizing the percentage of owner occupancy before they will provide financing. What should the owner occupancy ratio be in order to sell or refinance? We are not an FHA approved building.

A. There are a few issues that can be addressed in this question.  First of all, amending your Declaration and By-Laws in order to set restrictions on leasing is a great way to preserve the owners' investment and ability to resell.  However, amendments typically require

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