Hello Everyone!
This is my first time doing rental arbitrage and I have an agreement with a property owner that has a governing HOA. The HOA fees are about $1,500 - $1,700 per year, so they're somewhat involved. The property owner is still onboard with me doing short term rentals there. I have the related sections of the HOA bylaws below; I'd love to know what y'all's opinion are about doing short term rentals here!
Residential Purpose Only. Each Townhome Site and Dwelling Unit Shall be used exclusively for single-family residential purposes only. No building or structure intended for or adapted to business purposes, and no apartment house, lodging house, rooming house, hospital sanitarium or doctor’s office, or other multiple-family dwelling shall be erected, placed, permitted or maintained on any Townhome Site, or on any part thereof. No improvement or structure whatever, other than a private Dwelling Unit or attached garage may be erected, placed or maintained on any Townhome Site.
Business Use. No garage sale, moving sale, rummage sale or similar activity and no trade or business may be conducted in or from any Townhome Site, except that an Owner or occupant residing in a Unit may conduct business activities within the Townhome Site so long as: (a) the existence or operation of the business activity is not apparent or detectable by sight, sound, or smell from outside the Townhome site; (b) the business activity conforms to all zoning requirements for the Property; (c) the business activity does not involve persons coming onto the Property who do not reside in the Property or door-to-door solicitation of residents of the Property; and (d) the business activity is consistent with the residential character of the Property and does not constitute a nuisance, or a hazardous or offensive use, or threaten the security or safety of other residents of the Property, as may be determined in the sole discretion of the Board.
The terms “business” and “trade”, as used in this provision, shall be construed to have their ordinary, generally accepted meanings, and shall include, without limitation, any occupation, work or activity undertaken on an ongoing basis which involves the provision of goods or services to persons other than the provider’s family and for which the provider receives a fee, compensation, or other form of consideration, regardless of whether: (i) such activity is engaged in full or part-time; (ii) such activity is intended to or does generate a profit; or (iii) a license is required therefor. Notwithstanding the above, the leasing of a Dwelling Unit shall not be considered a trade or business within the meaning of this Section. This Section shall not apply to any activity conducted by the Declarant or conducted by a builder with approval of the Declarant, with respect to its development and sale of the Property or its use of any Dwelling Units which it owns within the Property, including the operation of a timeshare or similar program.