I am on the HOA board. Our building is facing financial difficulties working with the owners we are trying to get ourselves out of debt and fix our aging building. This is association with 59 units. The goal is to rent the space to one of the owners.
Construction / Development Lawyer
It is something that many HOAs do. But, it has to be authorized by the rules, regulations, bylaws, cc&rs, etc. If it is not allowed under your documents, the HOA members can vote to amend them. Talk to a local HOA attorney.
It would depend on what is allowed by your CC&Rs.