CC&Rs (Covenants, Conditions & Restrictions)

The legal document that defines what owners can and can't do with their property in an HOA community.

CC&Rs run with the land — meaning when you buy in an HOA community, you're legally bound by them whether you read them or not. Investor-relevant restrictions to watch: minimum lease terms (often 6-12 months, killing STR strategies), tenant approval requirements, parking limits, exterior modification restrictions, and rental caps (some HOAs limit the percent of units that can be rented). Get the CC&Rs from the title company during the option period and read them. If they kill your strategy, walk before earnest money goes hard.