Becoming a property manager for someone else’s property?

[Bryan Cork]

Hello all! My wife and I own a SFR that we manage ourselves, and have for the better part of 3 years. That makes me know just enough to be dangerous :) So now my parents want to buy a rental property and they want us to manage it for them, and I’m not sure where to start digging into what we need to do to make that legal and legit. First, we are in Colorado Second I know it needs to be done under someone with a brokers license, and my wife works for a friend of ours who is a real estate agent and is willing to put the property management under his license. Third.....that’s all I have so far. Any suggestions on how to move forward? Thank you!