The reason is the foreclosure rate in such complexes is usually much higher than where most of the condos are owner-occupied. For this reason, and to maintain high standards, many condos restrict or prohibit condo rentals. When buying a condo, it is usually best to stay away from complexes with more than 10 percent renters because renters often don't take care of the property as well as owner-occupants. Most condo dwellers will quickly disclose the good and the bad. Next, find out about the condo management.
Professional management is best.
Ask how long the same management firm has been employed. My condo has been well-managed by the same firm for 24 years. You'll need to get a recent financial statement from either the condo seller or the association's treasurer. Look closely at the reserves. Divide that amount by the number of units in the complex.