Broker or No Broker - That is the Question

[Daniel Campbell]

Good morning Bigger Pockets! 

I’m wondering if some of you seasoned investors can put me on the right track before I spend money confirming this business plan with the appropriate legal professionals. 

i have a seller who owns a portfolio of 25 rentals. The partners would like to sell off the lower income properties they have and use the cash to purchase middle income properties. 

The plan is to assume the Seller’s low rate 1st mortgages, get slightly higher rate private money to pay them their equity in cash, and wrap all of those mortgages while we sell the properties to third parties whom otherwise are not eligible for conventional loans.

Question 1:

Is it true that per the Garn-St. Germaine Depository Institutions Act of 1982, I can move a Seller’s mortgages into a Land Trust so that when she sells a batch of mortgages to me, I can take advantage of her ~3.5% rates without triggering the acceleration clause? 

Question 2:

Assuming that the answer to Question 1 is correct, does this Land Trust allow me to wrap the mortgages as I sell them to individual 3rd parties? 

Question 3:

In both questions 1and 2, do I need a Broker’s license to do this type of deal?  Or can I do t without because I technically own the properties? 

Question 4:

Separate from the other questions, is it true that I can manage any number of properties without a brokers license so long as I own them? While I obtain my license, I want to build up my own management - without breaking the law. 

I understand that no one is going to - and most cannot - give me legal consultation. I’m just looking for opinions/experience that might save me a little time/expense with the lawyers. 

Thanks in advance!