I came across this story in the Washington Post about people trying to sell their condominiums in a down market and not having much luck. So, they decide, what the heck — let’s rent it out! And then the frustration ensues:

Now Moss, 33, wants to find a tenant for her condo while she waits out the economy. But the condominium association allows only 20 percent of the units to be leased at once, so Moss is on a waiting list. If she tries to rent the unit without permission, she could face a $500-a-month fine.

The rental restrictions are also meant to guard against the condo being viewed as a risky investment by lenders who believe that buildings with a high concentration of rentals are harder to market to home buyers. Fannie Mae will not guarantee a loan for a condo in which renters make up more than 49 percent of the occupants.

There could be some remedies ahead, the FHA is looking to loosen the 51 percent restriction on renters — which is good for those landlords, but maybe not such good news for the people there still living in their property.

Any ideas how HOAs can be fair while not hurting those already living in their condos?