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Renting a Condo

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pleasesmile90

Junior Member
What is the name of your state?Illinois
My husband and I recently bought a condo. After about a year we were offered a rent-free apartment closer to his school. We do not want to sell the condo as we scraped together the downpayment and want to keep the investment. However, to keep paying for it also seems a little ridiculous. We were thinking of renting it. In our condo's by laws (which were last updated in 1995) it says you may rent up to 1 year for forbearance with the permission of the board. In the management company's piece of paper you have to pass on when you sell, it says you are not allowed to rent. Meanwhile, we asked the board permission and they refused. Now, we were going to let someone stay there and tell them if they want to give us a cash gift at the end, they are welcome to. A lawyer told us that they can still consider this rent? So, for now we're just letting them stay there and not saying anything. Meanwhile, a friend of ours who is on the board of his condo association (about 1 mile away from us) said that no matter what the bylaws say it is illegal to not allow an owner of a condo to rent out his/her unit? Is this true? Does anyone have a source besides for this man's word??
Thanks!
 



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