Elena,
By now you may have found your new home. Deciding on whether to purchase a co-op or condo will depend on how much money you are planning on investing in a home. Condos are more costly than co-ops but do offer the flexibility of renting without hassles.
Whereas it is true that many co-ops do not allow renting, you often have to check with the Managing Agencies to see if that is the rule or if there is a stipulation that you can rent but only after living there 2-3 years as you plan to do.
If a co-op is your best option due to budget restrictions then I would suggest picking out the units and buildings that you like and asking your agent to find out specifically if that building allows renting after an owner has lived there themselves for a period of time. - Sun Jun 7 2009, 08:01