Vancouver condominium owners need to know inside out, the B.C. rules and bylaws governing the ownership and renting of all condominiums. Under the law, a condo is called a strata lot in a strata development. The building itself is divided into many separate units called strata lots. Together with all the other condo owners you now own the common property in the development. You must fully understand the complete strata bylaws of your building to make certain you are available to rent out your unit as some condominium properties actually have restrictions against renting out your unit. Often, the bylaws will even govern the amount of time your condominium can be rented out for. Downtown Vancouver condo owners are governed by 2 separate strata classes so make sure you are well informed of both classes and where your property lies. Vancouver condo renters as well, need to know exactly what the rules & bylaws are for the unit they are renting before they sign the lease. Also, as an investor you want to make absolute certain you know exactly what your restrictions may be before you purchase any investment property. Vancouver Property Managers know all the rules and bylaws concerning all the strata properties they are obligated to and inform both the owners and renters of their individual responsibilities, so if you have any confusion concerning your rights and obligations be smart and hire a professional.