Rockall,

Condo's are owned fee simple, you own from the middle of the studs in..the exterior and land is common area. You can use your unit as much as you want. Some allow leasing and/or renting while some have restrictions such as 90, 180 or year minimums. Some do not allow renting during the first year of ownership.

A Condo Hotel is generally set up with the idea of getting investment income. Some are condo conversions and some were set up as Condo Hotels from the start. The rules for the amount of owner usuage varies. Some are as short as 2 weeks to 35 days per year. South Beach condo/hotel is unique from others in the area with up to 350 days per year on owner's usage- grandfathered-in, per the city of Teasure Island.

For the most part Condo Hotels have on site management. Some require you use their services some do not. Some have 1 day rentals some have 3 day minimums. Monthly maintenance may be as low as $300 per month depending on the unit size and the amenities. Those which are like resort hotels can get pretty pricey, ranging from $800-$1700+ per month and may have upkeep requirements (how often you need to paint, replace furniture, etc.) It is very important to check the details. The price per sq. foot is generally much higher. Ask to see the rental history to get an idea of what your rate of return might be.

Condo financing is much stricter now. Condo Hotels is even harder due to the high investor ratio's. If you can find financing expect to put 35% or more down (more like a commercial loan).

Meet with a professional Realtor and discuss what your goals are and they should be able to help you choose the right type of property to fit your real estate needs.

Sincerely,

Pam Cohn
Broker Associate, GRI CDM
Prudential Tropical Realty
727-204-7155
pcohn@prutropical.com

Condo is defined as "fee simple" ownership and there are no restrictions on how much yiu can use for your own use.However ,there can be limitation for the minimum rental period.

Yes,condo/hotel usually has a limit on how many weeks per year owner can use for their own use and it is set in condo bylaws. Usually,there is also on-site management company who rents out the units and takes% of the rental income and most of the time the complex runs just as hotel/motel.