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
Here's my challenge and question, my grandfather recently passed away and left his 2/2 to my father who now owns. He want to sell or rent. I'm 37 and would love to move into the property whether it involved purchasing or renting. Are there any loopholes or angles i have to move in or purchase so I can live there immediately?