Another worry is the HOA's power to ban renting the condo.  They can do that on a community wide basis, at least in my state.  They have to get a certain number of votes, but usually abstentions count as aye's because HOA meetings habitually couldn't make quorum any other way.

 If this happened, you'd be grandfathered in as to the current renters.  But as soon as they leave, your condo is now worthless as a rental property.  This happened to me on the condo I lived in before I got married.

 Comico