You will need a really good :"Buyer agent' who works the South Bay area . Each development is different and some have restrictions on this type of use. Once you have committed to a Realtor, they will assist you in finding a Condo that meets your needs.
In my opinion, you might also need a "property management" company to keep your property leased to handle any maintainence issues and find short term tenants for you.
Forecast Realty, Inc.
CA DRE 01338444
To answer your question it all depends on where you buy. Certain Homeowner's Association have rules regarding renting out your unit. For example, in Rolling Hills Estates there is a highly desirable gated community that has a rule regarding this. For the first two years you may not rent it out. If you need further assistance regarding the South Bay Real Estate market feel free to contact me.
Good luck house hunting.
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