Good answers below. It does depend on the specific rules of the association. Some, probably most are very strict about the 55 year old ownership and residency policy. Some will allow someone under 55 to own it and rent it to someone over 55. There are usually other specific guidelines about relatives who can live there or the amount of time they can spend there with a resident who may or may not have some health concerns. A general answer won't help you here. You will need to speak specifically with your particular association before you proceed with the sale. Best of success.
Robert McGuire ASR
Your Castle Real Estate
Direct - 303-669-1246
Furthermore, you may find it beneficial to refer to the "Rules and Regulations' maintained by the association to determine what the rent/lease requirements are. Of specific concern is can the unit be rented immediately or must the unit be seasoned a while before rented.
Again, the association will reveal how strictly and with what leniency the age requirements are applied. Some associations will allow a percentage of units to be occupied by underage owners primarily to accommodate issues such as inheritance. DO NOT count on this provision to make your sale possible.
You would be well advised to consult with a professional knowledgeable of practices in your area.
Best of success to you,
Annette Lawrence, Broker/Associate
Remax Realtec Group,
Palm Harbor, FL