Rental Cap

In 2016 Gatewood updated our Covenants. With is update a rental cap has was instituted as of October 2016. All homeowners that registered their home as a rental with the HOA as of 12/31/2016 were grandfathered in and allowed to exceed the rental cap until such a time as their property changed hands via sell or any other means.  Any new ownership either via purchases and/or property ownership transference’s voids the properties grandfathered status. 

As of 5/24/2021 We are at our rental cap (10 Homes).  This means all homes that were under the grandfathered status will now fall under the standard registered rental home status.

Rental Cap
Per the Gatewood HOA Covenants a 10 home rental cap is in place.

Any owner wishing to convert to their home to a rental must adhere to the covenants Rental Cap Requirements:

  1. An owner must personally occupy the property for a time of no less than 2 years.
  2. Once the time requirement has been met, an owner must request that they be put on the Wait List with the HOA’s representative (AMI).  Owners will be place in requested date order.
  3. Once a position opens up, an HOA representative (AMI) will notify the 1st homeowner on the wait-list of the opening making them the Active Owner.
  • The Active Owner has 90 days to accept rental position in writing (email is acceptable).
  • If accepted – the owner has 90 days to convert their home to a rental.
  • If no acceptance is received within the 90 days term the Active Owner will automatically be dropped from the Wait List.  The Active Owner may forfeit their position at any time during the 90 day term.
  •  If for any reason an Accepted Owner does not convert to a rental within the 90 days of acceptance, they must re-apply to the Rental Cap Wait List and will be entered in date requested order.

(If you have any questions, please contact Randy Collier at AMI).

Current Rentals:   9 – (as of 4/24/2022)
Rental Cap:             10 – (Wait List is active – contact AMI for further information)
Wait-list:                    7

Wait List

      • 1 – Reserved
      • 2 – Reserved
      • 3 – Reserved
      • 4 – Reserved
      • 5 – Reserved
      • 6 – Reserved
      • 7 – Reserved