Rules First, Returns Second

A great return on a use you are not allowed to make is worth nothing. So the order of your due diligence is not negotiable, and it is the opposite of how most people buy.

The order

• 1. Zoning. Is transient rental a permitted use on this parcel? Free, one call, and it can end the conversation.
• 2. The recorded declaration. What is the minimum lease term, including every amendment?
• 3. Permit availability. Is there a cap, a waitlist, or a moratorium?
• 4. Resort or amenity policy, if it is in a managed community.
• 5. Only now, the numbers.

Got it? Then the specific questions.

What to actually ask

To the planning department, with the parcel ID:

• Is transient rental permitted on this parcel, outright or conditionally?
• Is there a cap or waitlist on registrations?
• Is anything about short-term rental on a recent or upcoming agenda?
• Can you send that to me in an email?

To the association, in writing:

• What is the minimum lease term in the recorded declaration and all amendments?
• Is there a rental cap, a waitlist, or a registration requirement?
• Are there pending amendments under consideration?