Posted by BillW. on February 07, 2001 at 23:27:40:
Start at your local Department of Consumer Protection , real estate division in your state. See, the state gets real concerned whenever someone handles a lot of cash. Bad people sometimes get involved, and voting consumers sometimes get ripped off. Property management companies have had their share of problems, so the state want’s CONTROL. Almost every state regulates property management. However, I think that there are SOME states that allow contractors to do property management. California comes to mind, but there, you need a state contractors licence. Having said that, I’m sure that there are many people doing it without following the states rules, but I do not recommend going against the rules. Just check with the state and see what they want. Then you can make your decision.
Of course, you could always hire someone with a brokers licence to qualify the business and manage it for you. You would just be the investor/owner. They would be the qualifying broker/manager.