Hi Yvonne,

Let's start with Cindi's question first. I assume Yvonne is speaking about a coop. A sponsor unit in a coop is one of the developers unsold units.

Yvonne there is no simple answer to your question. Once you purchase the unit it is yours and no longer a sponsor unit. However before purchasing the unit you must read the prospectus. Some developments will allow rentals. Others will not or may have limitations such as only allowing a 1 or 2 year rental and then you can't for a period of time. You should also check to see if the prospectus allows the purchase of units by investors. If you don't live in the unit you are considered an investor. You may want your attorney to check out the prospectus for you.
Many developments don't allow rentals because it can affect financing for new buyers or even refinancing. Fannie Mae loans and individual bank guidelines prohibit financing if a certain percentage of the building is not owner occupied.

Good Luck!
Allen Bauman
Century21 Yve R.E.
allen.bauman@gmail.com

I have never heard of a sponsor unit....would love more info!