Boards and investor owners

In a condo board, are there rules mandating that a board member needs to live in the condo and cannot be an investor renting the unit out. Are these just rules set up by the board so they can vary? Also, would a high investment condo tend not to restrict investors from serving on the board. The problem I see with investors on the board is they may not want to raise maintenance since they will not benefit directly from improvements. In a marginal situation, higher maintenance may not translate to higher paying clients to the investor, so basically things slowly go south for the condo?