You got the basics...
Co-op - 6 months max lease term,
Condo - no limit on lease term.
Another difference is price, co-ops are the very low priced homes you see online, under and just over $100,000 I believe. You will likely want to avoid 'the towers' due to very high HOAs of over $1,000/month. Condos are priced much higher at 'normal' market rates.
Good luck with your search,
Brian Wilson, Realtor
There are a few different types of ownership which are available in Laguna Woods Village, one being a co-op which has very specific restrictions only allowing you to rent the manor for 6 months in a 12 month period of time. for your specific need of renting the manor out for 5 years you will only want to look at the ownership of a condo and not a co-op, taking ownership of a condo allows you to rent the unit out for extended amounts of time. Now to the part of how easy it is to rent it out, of course the ease of renting hinges of many variables such as price per month, condition, deposit amount required etc... however with this being Laguna Woods Village a premiere age restricted community packed with ameneties the demand for rentals is definetely there. If you have a particular model of a home you are looking for or a certain criteria i.e. 2 bed, 2 bath no less thant 1200 S.F. but no more than 1500 S.F. I am more than happy research the current market conditions to see about what kind of monthly rent units within your criteria are fetching so you can make the best decision to reach your real estate goals. Please feel free to contact me at:
DRE Lic# 01896764
OC Homes Realty