Cohousing-L Mailing List: Community ownership of a rental property

[John Carver (jcarver]

Hello, cohousers,
I'd like to hear from people who are living in a condominium (HOA, 
strata or whatever it's called where you live) where there is a unit 
owned by the community as a rental suite. I'd like to hear how the 
purchasing and financing was arranged, how it is titled, managed, etc.

Here at Pacific Gardens (http://pacificgardens.ca/) in Nanaimo, BC, we 
have not been able to sell all the units since the building was 
completed in 2009, and the development group is still struggling with 
financial woes. We have managed to fill places with renters, but we 
really need to sell these to pay off the debts. One idea is to sell a 
unit to the strata corporation (apparently called a homeowners'  
association in US condos). The strata corp then would take over the 
finances for that unit and manage the rentals.

Any info, thoughts or suggestions welcome.

John Carver
Pacific Gardens Cohousing Community
pacificgardens.ca